As a member of the MFAA (Mortgage and Finance Association of Australia), we are bound by a code of practice which includes the following.
To act with Honesty and Integrity at all times and to promote ethical and fair business practices for the benefit of consumers
This will extend to representations made in all communications, commissions received, advice provided and customer applications. This will ensure that the best interests of both the customer and financial institution are upheld.
To comply with all Laws and Regulations relating to the Mortgage and Finance Industry
To maintain a current understanding of and compliance to all laws and regulations as they pertain to the finance industry.
Conflicts of Interest
In each professional assignment undertaken, a Member must both be and be seen to be free of any interest, which is incompatible with the best interests of the customer. This will extend to both product advice and commissions received. Substantiation of any recommendation will be freely provided to the customer.
To maintain Confidentiality in all dealings Through adherence to the above, professional conduct will be maintained at all times.
To maintain educational qualifications
As a member of the MFAA we are required to achieve CPD (Continuing Professional Development) points in order to maintain our membership. This is part of the MFAA’s commitment to ensuring its members are offering a professional service with up to date information at all times.
To maintain a membership with an external dispute resolution service
BFS are members of CIO (Credit & Investments Ombudsman)