MFAA releases member education on reference checking, breach reporting and remediation

There are a number of key reforms affecting the mortgage broking industry that are set to commence on 1 October 2021.

Three of these reforms relate to the Government’s legislative response to recommendation 1.6 of the Financial Services Royal Commission relating to information sharing and reporting of misconduct and include reference checking, breach reporting and remediation.

We are pleased to release three education modules to help members understand and comply with these reforms.

The three modules are:

• Breach Reporting (2 CPD hours)
• Notify, Investigate and Remediate Obligations (1 CPD hour)
• Reference Checking and Information Sharing (1 CPD hour)

These materials have been developed by the MFAA to help you understand what you need to do to comply with these reforms and include practical examples and helpful tips.

Our members can access the modules on the MFAA Learning Hub in the Compliance tile at https://learn.mfaa.com.au/. Your MFAA member number will be required.

(PLEASE NOTE: If it is the first time you are logging in to the system since July you will need to reset your password. Please select Login then “I forgot my password”. A link will be emailed to the email address linked to your membership profile for you to reset.) The modules will be free to members until 31 December 2021.

Any questions regarding these learning materials can be emailed to ua.moc.aafm@ecnailpmoc.

We encourage all members to complete the modules at your earliest convenience to ensure that you are well placed for the commencement of these reforms.

Access the Learning Hub.