Code of Practice
The Code of Practice aims to ensure MFAA members provide the highest levels of service to consumers in Australia. The Code is administered by the MFAA Tribunal, who have the power to expel, suspend or sanction members that have breached the Code.
Under the Code, members involved in credit activities must:
- comply with all applicable laws;
- maintain appropriate and relevant training standards;
- hold adequate professional indemnity insurance;
- arrange appropriate finance for customers;
- act promptly and properly in relation to the management of finance applications;
- disclose commissions and other benefits received (brokers only);
- maintain IDR and membership of an EDR scheme; and
- consider hardship applications submitted by customers in a timely and appropriately detailed manner.
The objectives of the Code are to:
- promote and establish professional standards between Customers and Members and between Members in the mortgage and finance industry;
- promote commitment by Members to compliance with laws and regulations and the spirit of those laws and regulations;
- promote the maintenance of the high public standing of MFAA membership; and
- promote ethical and fair business practice.