Mortgage and Finance Association of Australia

The MFAA has lodged an application for revocation and substitution of an existing authorisation concerning their Disciplinary Rules. The MFAA’s membership includes lenders, aggregators, brokers and associated professions such as accountants and lawyers. The Disciplinary Rules outline processes for investigation of complaints, expulsion of members and appeals against refused applications for membership or accreditation. They also include rules for the MFAA Tribunal. The rules have been authorised since 2004. Most recently the rules were reauthorised in 2014. This authorisation expires on 12 June 2019.

Re-authorisation has been sought for ten years.

On 11 April 2019, the ACCC granted interim authorisation, commencing immediately, to enable the MFAA to continue to administer its Disciplinary Rules as authorised under A91396 while it considers making changes to its governance regime, which includes its Disciplinary Rules, following the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, several of which relate to the mortgage broking sector.

The ACCC will recommence its assessment of the application after MFAA has amended its governance regime, which it has indicated will take three to six months, and has provided the ACCC with additional information, including its updated disciplinary rules and code of practice.

Indicative timetable for assessment of the application