No room for misconduct: MFAA expels member

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As part of its commitment to improving standards and integrity, the mortgage and finance broking industry’s peak body, the Mortgage and Finance Association of Australia (MFAA) has expelled Nadia Pessarossi of the ACT for misconduct.

The MFAA Disciplinary Tribunal determined Ms Pessarossi, also known as Nadia Williams, signed her former employer’s signature on a statutory declaration without his consent. This constitutes misconduct under the MFAA Code of Practice.

“All 13,000 MFAA members must meet high standards of behaviour, ethics, expertise and experience under the MFAA Code of Practice. They accept adherence to the Code as a condition of membership,” said Phil Naylor, CEO of the MFAA.

The MFAA’s dispute resolution system allows anyone to report an MFAA member who they feel has behaved inappropriately.

“We are determined to rid the industry of unscrupulous brokers. If someone believes a member has done the wrong thing, we encourage them to report it. Any Code breach that merits an investigation is very serious and will be treated as such,” said Mr Naylor.

Mr Naylor explained that the broker channel must uphold strict standards to ensure its future.

“Borrowers looking for reassurance that they are dealing with a professional who is bound by the highest ethical practices, can start by asking if their broker or lender is a member of the MFAA,” said Mr Naylor.

“By stamping out these inappropriate practices in our industry, consumers can borrow with confidence.”

The MFAA Code of Practice is enforced by the Association through its Disciplinary Rules and Tribunal and is well respected by the industry. If members breach the Code they will be subjected to disciplinary action, the ultimate outcome, of which, may be expulsion.

For a current list of suspended and expelled members, please visit MFAA – Expelled and Suspended Members

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1 COMMENT

  1. Statistics show that the MFAA grossly over-regulates the broker industry. With over 13,000 members and operating since 1980 (according to their website), but more actively since about 2000 – the 15 brokers expelled represents 0.013% pa over the last 9 years. Given that we have laws and courts to deal with illegal actions – doesn’t this prove that the cost to members far outstrips the benefit of the MFAA’s efforts to “rid the industry of rogues”. And, all this during a period of minimal regulation! COSL is the prime deterrent, so the MFAA should use their own results to put forward a definitive case that increased regulation is NOT required. Congratulations to all brokers in proving the irrelevance of the MFAA as a governing body. The headline should be that your integrity outstrips some of the most eminent professions – but no, the related post reads “MFAA suspends yet another member”.

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