The Australian Competition and Consumer Commission (ACCC) has completed a review of a number of notifications that require the mortgage brokers of four lending businesses to belong to the Mortgage Finance Association of Australia (MFAA).

 

"The ACCC believes the arrangements continue to deliver a benefit to the public, notwithstanding the commencement of a national regulatory regime for the credit industry in 2010," ACCC chairman Rod Sims said.

 

The MFAA's membership requirements impose higher educational and certain other professional standards on its members than the regulatory regime. 

 

"The ACCC considers requiring MFAA membership is likely to assist those lending businesses to ensure that their brokers are of a consistent high standard and to meet their compliance obligations under the National Consumer Credit Protection Act," Mr Sims said.

 

More information about the ACCC's review of the notifications, including public submissions received and a copy of the ACCC's Statement of Reasons, are available from the ACCC's website www.accc.gov.au/ExclusiveDealingRegister.