News

Global Money Week 2019 is fast approaching. Get involved with free resources.

Global Money Week 2019 (25 – 31 March) is fast approaching, so to help you, the MFAA has made available a variety of free resources that members can use to deliver financial literacy programs in local schools.

PROSPA’s The Long Road – Tales of Regional Brokers – Ashley Evans on Townsville’s flood disaster and community-led recovery

On the 3rd of February 2019, Townsville was struck by a massive flood that left homes ruined, swept away livestock and destroyed businesses.

Thousands of residents evacuated their homes as the region experienced over 1000mm of rain in a week, before being inundated by water released from the Ross River Dam that saw 245 per cent of its normal capacity.

Do you have your Accidental Counsellor tickets yet?

A contracting housing market, tightening lending conditions and slow economic growth could be impacting the financial futures of your customers, colleagues and family.

As they consider their uncertain futures, their mental health, personal relationships and social welfare may begin to suffer.

Mental illness, suicide, domestic violence, financial crisis and trauma are just a few of the critical issues affecting many in our community and in our industry.

Industry first Young Professionals of Finance event

In a sector first, the MFAA, CPA Australia and AFA (Association of Financial Advisers) are joining forces to run the Young Professionals of Finance event.

Sponsored by Kaplan Professional, the event brings together young mortgage and finance brokers, accountants and financial advisers to network with their peers from other finance sectors, build valuable professional and referral relationships, share information and experiences and to think differently.

ASIC industry funding invoices due tomorrow 15 March 2019

Payment of ASIC industry funding invoices is due by 15 March 2019. Penalties apply for payment after this date - calculated at 20% per annum of the overdue amount.

Mortgage broker licensees and other credit licensees will have received an invoice.

ASIC issued invoices on 31 January 2019 either via the ASIC Regulatory Portal (to those that registered), or via mail to the registered company address.

MFAA Welcomes Customer-Focused Decision on Mortgage Broker Trail Commission

The Mortgage & Finance Association of Australia (MFAA) strongly welcomes today’s announcement by the Federal Treasurer, the Hon Josh Frydenberg MP, that the Government will not be prohibiting trail commission on new loans, but rather will review their operation in three years’ time.  

ASIC applauds new whistleblower laws

The Australian Securities & Investments Commission (ASIC) has welcomed new legislation that significantly improves whistleblower protections.

Scam ASIC emails may catch business owners out

Current email scams purportedly from the Australian Securities & Investments Commission (ASIC), appear to be genuine messages from the regulator relating to payment of a business invoice or renewal of business name registration.

The messages are simple but relatively sophisticated and mirror the type of content the regulator would send to an Australian business for a business payment or, for example, for renewal of registration of a business name. Other scam message types may be received.

ASIC industry funding invoices due 15 March 2019

Payment of ASIC industry funding invoices is due by 15 March 2019. Penalties apply for payment after this date - calculated at 20% per annum of the overdue amount.

Mortgage broker licensees and other credit licensees will have received an invoice.

ASIC issued invoices on 31 January 2019 either via the ASIC Regulatory Portal (to those that registered), or via mail to the registered company address.

ASIC to add to enforcement toolkit

The Australian Securities & Investments Commission (ASIC) may soon have the capacity to pursue harsher civil penalties and criminal sanctions against banks, their executives and others who breach corporate and financial services law. 

Mental health support services available to members

For anyone struggling to cope or in crisis, a call to Lifeline on 13 11 14 (24 hours a day / 7 days a week) will enable you to share your thoughts, fears and feelings with someone who will listen without judgement, and with care and compassion. In expressing ourselves in this way, we are often empowered to see our situation with more clarity and to find a way forward.

Additional avenues of support would include your GP, and the Mental Health Line in your state:

Prospa Groundbreakers: Deslie Taylor and the benefits of having a powerhouse all-female team

PROSPA GROUNDBREAKERS: Deslie Taylor, on the pleasures of community broking and the advantages of having a ’powerhouse’ all-female team.

Drowning in busy work and unreturned phone calls, Deslie Taylor made a life changing decision back in 2007 to become a mortgage broker. She hasn’t looked back.

Royal Commission update

First published 22 February 2019

Dear Member,

This is a brief message to update you following recent developments in regard to Opposition policy announcements in response to the Royal Commission’s recommendations on broker remuneration.

ACCC warns of rise in dating scams

The Australian Competition & Consumer Commission’s (ACCC) Scamwatch is urging tech-savvy daters to be on the lookout for romance scammers this Valentine’s Day. Data shows these scams occur increasingly through social media and dating apps.

Royal Commission findings and what you should do to support our industry

The Royal Commission has signalled changes that could threaten your business.

The industry faces potential policy changes that could make the mortgage broker channel unsustainable, drastically reducing competition, choice and access to credit in home lending, while delivering a windfall for major banks.

ARCA changes default reporting code protocol

The Australian Retail Credit Association (ARCA) is the peak Australian body for organisations involved in the disclosure, exchange and application of credit reporting data in Australia.

Members include the credit reporting bodies (CRBs), major banks, other lenders, specialist consumer finance companies, utilities and peer-to-peer lenders.

Now is the time to make your voice heard! Support our national campaign.

First published on 7 February

Dear Member,

Please click here to see a media release distributed a short time ago.

Industry Urges Australians To Protect Competition in Home Lending

The Mortgage & Finance Association of Australia (MFAA) and a coalition of industry partners have launched a national campaign to remind Australians what a world without brokers would look like.

The industry faces potential policy changes that could make the mortgage broker channel unsustainable, drastically reducing competition, choice and access to credit in home lending, while delivering a windfall for major banks.

Customers pay while the big banks profit

The recommendations on mortgage brokers represent a huge win for the Big Four banks.

Destroying the viability of the mortgage broker channel would immediately reduce competition and drive customers back into the branches of the banks with the largest branch networks.

MFAA CEO Mike Felton said these recommendations did not represent a good outcome for consumers.

Elevate your business to the next level. MFAA's Excellence Awards are now open

Entries are now open for Australia’s most prestigious broker-industry awards, the MFAA Excellence Awards 2019.

The MFAA Excellence Awards celebrate the work of the industry’s best brokers, businesses and industry professionals.

There are 22 individual, business and lender award categories to enter or be nominated for and to lodge your vote.