Key requirements

Minimum qualification: Diploma of Finance and Mortgage Broking Management

• If you only hold a Certificate IV in Finance and Mortgage Broking, you must complete the Diploma of Finance and Mortgage Broking Management within 12 months of joining to renew your membership.

All new members must complete the MFAA’s Compliance Essentials course (formerly Initial Compliance Pack) to ensure understanding of key industry regulations. The course covers:

• National Consumer Credit Protection Act
• Privacy Act
• Ethics and Fraud
• MFAA Code of Practice
• Banking Code of Practice
• Best Interests Duty and Conflict Priority Rule
• Anti-Money Laundering/Counter-Terrorism Financing
• Key regulators

Each year, members must complete

• 30 CPD hours per year
•  Compliance Refresher course

Brokers must hold Professional Indemnity (PI) Insurance with a minimum of $2 million per claim and $2 million in the aggregate.

Run-off cover of at least 12 months is required to ensure coverage for any future claims.

Proof of current PI insurance must be submitted with your membership application.

Applicants must provide the following:

• Credit report (dated within 3 months of application) from:
  • Equifax
  • Illion
• National Criminal History Check (dated within 3 months of application) from:
  • Australian Federal Police
  • Australia Post

• Membership is valid for 12 months and is non-refundable once commenced.
• Applicants must complete an online declaration attesting to their fitness for membership.
• Applications are subject to MFAA assessment and approval.