Mentoring FAQs

We undertook a comprehensive review of industry mentoring. The review incorporated the following stages:

• interviews, consultations and focus groups with key stakeholders including lenders, aggregators, practising mentors, recent mentees
• research and benchmarking with similar associations internationally and domestically with comparable professions in financial industries
• drafting quality standards and developing supporting documents and guidelines.

The MFAA Mentoring Standards came into effect on 1 July 2023 and apply to all new mentorships which commence on or after that date.

An approved mentor has been approved by a representative of the MFAA or an aggregator to mentor an individual mentee. Approved mentors may not have been assessed as an MFAA Endorsed Mentor but will need to meet the criteria listed in the MFAA Mentoring Standards.

An Endorsed Mentor has submitted an application form with supporting documents to the MFAA. This application has been approved by the MFAA and the mentor is eligible to be listed on MFAA’s website as an Endorsed Mentor. Each Endorsed Mentor receives a logo from the MFAA which they may display and use for marketing purposes.

To become an MFAA Endorsed Mentor you will need download and read the MFAA Mentoring Standards.

Then complete and submit the MFAA Endorsed Mentor application form with the appropriate supporting documentation.

No, endorsement is not compulsory.

If you are currently an approved mentor with aggregation groups, this status will be maintained so long as the aggregator’s program is endorsed.

No, this is a free service to our valued members.

If you have existing mentees, continue to mentor them.

The Standards will not be applied retrospectively. The Standards commence on 1 July 2023 for all new mentoring relationships.

Yes, you may.

The mentor will need to join the MFAA and meet MFAA’s membership requirements.

We have created a MFAA Mentoring Handbook which provides further explanations and examples to support you.

You can download the Handbook from the MFAA Learning Hub under the Mentoring learning domain.

Yes, you may complete the ISM Mentoring Program and you will receive the certificate of completion.

You may then apply to be an MFAA Endorsed Mentor. Your certificate will be accepted as part of your application. You still need to meet the criteria listed in the MFAA Mentoring Standards.

New-to-industry brokers who have less than two years of experience in mortgage and finance broking are required to engage a mentor to support them as they develop relevant experience.

Current industry practice of mentoring programs generally aligns to a two-year duration and new-to-industry brokers need to confirm the duration with their aggregators.

The MFAA Mentoring Standards set out, amongst other things, the body of work that mentees are required to complete during their mentorship under the guidance of their mentor. On average, this will take a new-to-industry broker working full-time up to two years to successfully complete.

It is worth noting that the regulator, ASIC, in Regulatory Guide 206, specifies that brokers who wish to apply for an ACL need to demonstrate two years of ‘relevant experience’ without ‘significant non-compliance issues’ when demonstrating ‘competence’ as a mortgage and finance broker (RG206.60).

The first step is to refer to the grievance (complaints) procedure that your mentor provided you when you commenced your mentorship. The procedure guides you on the steps you should take.

If your mentor did not provide a grievance procedure, we recommend that you firstly try to resolve the issue directly with your mentor. If you unable to do this, or if you have already attempted this, we recommend that you contact the consumer protection agency in your state.

You can find out more information on the Australian Competition and Consumer Commission (ACCC) website.

The member is not eligible for Accredited Finance Broker category until they have completed two years of relevant experience.