MFAA members become 'Professional Credit Advisers'

The 12,000 members of the MFAA will operate under the new trademarked designation of 'Professional Credit Adviser following completion of its strategic review.

The new designation is part of MFAA's focus on the need for mortgage brokers to evolve professionally. It forms part of a member consultation paper "Focus on the Future" released yesterday, outlining the key initiatives for the association in recognition of the "ever changing dynamics of the credit industry".

The association will offer "an education pathway that will provide the building blocks for continuing professional development leading to professional certification of its members, maintaining those standards, and requiring all members to obtain a Diploma as the minimum competency standard" and "the Code of Professional Conduct which sets and enforces the professional obligations, practice standards and ethical foundations for members".

MFAA chief executive PHil Naylor said, "The enhancements to the MFAA's Professional Framework will continue to build greater confidence in the advice consumers receive from any one of the 12,000 MFAA Professional Credit Advisers on, what for many is, their largest financial purchase.

"Currently MFAA Professional Credit Advisers have demonstrably higher standards than required by legislation. "Focus on the Future" initiatives are about further raising the bar of professional standards and ensuring it is appropriately recognised and rewarded by politicians, regulators, consumers, lenders and other industry stakeholders."

The final key initiative will be to ensure that consumers - "the ultimate beneficiaries of the enhanced professionalism and standards" - are aware of the benefits of dealing with a MFAA Professional Credit Adviser.