The Mortgage Industry Association of Australia has expelled member, the Mortgage Family Pty Ltd for misconduct.
The decision was made through the MIAA’s disciplinary process and the MIAA Tribunal, expelled The Mortgage Family Pty Ltd from New South Wales.
MIAA’s chief executive Phil Naylor said in the absence of nation-wide regulation of the mortgage industry, the MIAA has set uncompromising standards for their members to make sure the public is assured of the highest standard of service from MIAA members.
“This expulsion is part of policing our standards. We regard this responsibility to members and to home buyers seriously,” he added.
The MIAA represents the majority of Australia’s mortgage brokers and has over 11,500 members. The MIAA has been lobbying for nationally consistent legislation of the mortgage industry for the past three years.
The industry is eagerly awaiting a paper from the Ministerial Council for Consumer Affairs which will bring legislation a step closer.
Naylor said the MIAA does not give details of expulsions, which are made for serious breaches of the MIAA Code of Practice, to which each member agrees to abide when becoming an MIAA member.
By Kathryn O’Meara
