The Mortgage and Finance Association of Australia (MFAA) has come out in support of the Financial Services and Credit Reform Green Paper released by Minister for Superannuation and Corporate Law, Senator Nick Sherry today.
“The MFAA welcomes the paper and the proposal by the Federal Government to assume jurisdiction for the regulation of mortgage brokers,” said Phil Naylor, CEO of the MFAA.
“Since 2002 the MFAA has been pressing for regulation to weed out any mortgage and finance brokers doing the wrong thing.
“The MFAA has enforced a strict code of conduct overseeing the self-regulation of the industry, for a long time. The Association requires all 13,500 of its members to adhere to rigorous standards of conduct, but it is imperative to protect consumers from the predatory conduct of fringe brokers and lenders who are not our members,” said Mr Naylor.
“It is crucial for the industry and borrowers alike for one set of rules to apply and is important that these rules are consistently enforced across the nation.
“Borrowers should be able to use the services of a broker, knowing that broker is accountable for the services they provide and the standards they deliver,” said Mr Naylor.
“The MFAA believes that national regulation can be adapted from the draft National Finance Broking Bill released last November for public comment by the NSW Government on behalf of all state and territory jurisdictions.”
The Association will make further comment and submissions on the Green Paper released today after absorbing the detail of its content