On 20 December 2019, the MFAA 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 expired on 12 June 2019.
Re-authorisation was 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.
On 17 September 2019, the MFAA advised the ACCC that, as a result of ongoing change in the industry and regulatory uncertainty, it would be unable to make the anticipated changes to its governance regime within the estimated timeframe. The MFAA has made some technical changes and refinements to its Rules and has provided the ACCC with a copy of these amended Disciplinary Rules, for which it is seeking authorisation of for two years.
On 10 December 2019, the ACCC issued a draft determination proposing to grant authorisation for two years.
On 28 February 2020, the ACCC issued a determination granting authorisation for two years. If no application for review is lodged to the Australian Competition Tribunal, the determination will come into force on 21 March 2020.
A copy of the determination is available under the Decisions heading below.
|Application Amendment (received by ACCC on 17/09/19) ( PDF 927.6 KB )||17 Sep 2019|
|Application Amendment (received by ACCC on 04/04/19) ( PDF 387.32 KB )||31 Mar 2019|
|Application Amendment ( PDF 387.05 KB )||31 Mar 2019|
|Application Received ( PDF 2.95 MB )||20 Dec 2018|
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|ACCC to Interested Parties re Final Determination ( PDF 247.06 KB )||28 Feb 2020|
|ACCC to Applicant re Final Determination ( PDF 248 KB )||28 Feb 2020|
|ACCC to Applicant re Draft Determination ( PDF 254.68 KB )||10 Dec 2019|
|ACCC to Applicant re Interim Authorisation Decision ( PDF 120.96 KB )||11 Apr 2019|
|ACCC to Interested Party re Interim Authorisation ( PDF 120.27 KB )||11 Apr 2019|
|ACCC to Finance Brokers Association of Australia re Material Excluded from Public Register ( PDF 248.54 KB )||19 Feb 2019|
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Submissions - before draft decision
|Finance Brokers Association of Australia Limited ( PDF 369.1 KB )||15 Oct 2019|
|ASIC ( PDF 178.3 KB )||8 Apr 2019|
|Finance Brokers Association of Australia Limited ( PDF 464.9 KB )||12 Apr 2019|
|Applicant ( PDF 336.53 KB )||22 Feb 2019|
|Finance Brokers Association of Australia ( PDF 865.67 KB )||31 Jan 2019|
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