News / Article

Updates to the MFAA Code of Practice and Disciplinary Rules

Professional standards and continuous professional development are of paramount importance to our membership and the industry as we strive to drive great customer outcomes. The Financial Services Royal Commission acknowledged that codes of practice are vehicles for industries to self-regulate and set standards on how to comply with and exceed what is required by the law.

This includes setting dispute resolution mechanisms, whereby code subscribers are held accountable to their customers to promote better consumer outcomes as well as confidence and trust in the industry.

The MFAA Code of Practice and Disciplinary Rules exist to ensure members provide the highest levels of service to consumers in Australia. As a matter of best practice, the MFAA conducts periodic reviews of both the Code and Rules to ensure that they continue to be fit for purpose for the industry.

As an outcome of a recent periodic review, the MFAA Board have approved several changes to the Code and the Rules. The amendments update and simplify language and improve the efficiency of the disciplinary processes that underpin the Code.

The revised Code can be found here and the revised Rules can be found here.

These changes come into effect on 11 October 2021.

If you have any questions in relation to the changes, please contact ua.moc.aafm@ecnailpmoc.

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