The numbers of mortgage brokers expelled from the Mortgage & Finance Association of Australia (MFAA), rising from four to eight during the 2011/12 financial year.

 

The majority of the brokers were expelled by the MFAA’s Disciplinary Tribunal for “serious misconduct.”

 

"The numbers of expelled members are minuscule compared with our total number of 11,200 members, however the number is still double those expelled in the 2010 financial year,” CEO of MFAA Phil Naylor said.

 

"The increased expulsions demonstrate the MFAA's determination to ensure the highest professional standards of our members, as well as a strict and independent disciplinary procedure and very high education standards."

 

The MFAA has a set of disciplinary rules to deal with complaints of alleged misconduct against an MFAA member, initially involving an external investigating officer, who then may refer the matter to the MFAA Tribunal. 

 

 Mr Naylor said while it was heartening to see that so few members had been expelled, the MFAA was determined to ensure a high standard of professional conduct by its members notwithstanding the fact that the National Consumer Credit Protection Act (NCCP), enforced by ASIC, had come into force in 2011.