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Long lead in time and Old versus New Australian Credit Education requirements

By: admin|

The Associations and many lenders enforced the need to have the minimum Certificate IV level qualification, whilst ASIC is requiring only requiring the Qualification to be completed by 01072014. The MFAA increased their requirements for membership and to be honest it has certainly lifted the skills and knowledge of many, plus brought many credit advisors onto the same level as the clients other trusted advisors, who also have to have a Diploma as minimum to operate in their respective industries. It can be stated that Sales Representatives in the Real Estate Industry do not require that level of qualification but their Licencee is required to hold a Diploma level qualification. MFAA members have till the 31/1/2013 to produce their Diploma qualification or be placed on suspension until such time as its received by the association or meet the requirement below for new entrants.

Now for the new writters entering the industry

* “New applicants must have completed the diploma to gain MFAA Membership OR have completed the Certificate IV FNS40804/40811 and are being mentored by an MFAA Certified Mentor™ or through an equivalent programme by an MFAA aggregator/broking group recognised as such by the MFAA”.

Whilst that is the MFAA’s stance each association has set their own requirements and ASIC had to allow such a large lead in time as there is still many operating in the industry from many professions that have not achieved their required qualification.

It is however, very pleasing to see all Associations and Lenders at least setting the bench mark higher than what the regulator has set, as this then improves the skills and knowledge of the credit advisors as clients in themselves have also become a lot smarter as they can have access to any data and information they now require on the click of a button.

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