The ACCC has decided to grant authorisation to the Mortgage and Finance Association Australia (MFAA), until 31 March 2027, to allow it to continue administer its disciplinary rules, which enforce the MFAA’s Code of Practice.
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. Broadly, the amendments seek to simplify the wording of the Disciplinary Rules, remove duplication and clarify some of the processes of the MFAA Tribunal. The MFAA’s Disciplinary Rules have been authorised since 2004 and were most recently reauthorised in 2020.
The ACCC considers that the revised Disciplinary Rules are likely to result in public benefits from increasing consumer confidence and protection by encouraging and assisting compliance with a higher standard of conduct than is required by law. The ACCC also considers that the Disciplinary Rules are unlikely to result in public detriment, including through any reduction in competition as there are mechanisms in place to mitigate the risk of inappropriate expulsions or suspensions of MFAA members, who may compete with each other.
More information about the ACCC’s decision is available on the public registers at: Mortgage and Finance Association of Australia.