Changes in personnel are a natural part of business, but how you manage them can make a significant difference to the stability, compliance, and reputation of your broking business.
Whether a team member is employed or contracted, and regardless of whether they work as a broker, loan writer or in a support role, it’s essential to approach exits with structure and care.
To support our members in this process, we’ve developed new guidance that outlines a clear and practical approach to managing staff and contractor exits. The guide, When an employee or contractor leaves: Resource for business owners and ACL holders, sets out key legal, operational and compliance considerations, along with helpful tips to safeguard client information, preserve business continuity, and meet regulatory obligations.
Establishing a consistent offboarding protocol is a valuable part of risk management — particularly when it comes to protecting your business reputation and maintaining client trust. This is true whether you operate under your own Australian Credit Licence or through another’s.
A well-managed transition not only supports regulatory compliance but also reinforces your commitment to professionalism and client care. We encourage all members to review the guidance now available in the Broker Toolbox within the MFAA Member Portal and consider how it can be incorporated into your current practices.
You can check out the guide here.
You can sign up for free by creating an account. If you are new to the portal, select "Create an account" to register and gain access to a range of free and useful resources.
If you already have an account, simply log in. Once logged in, you can easily apply for membership. If you need assistance, call our support team on 1300 554 817 for assistance.