THE NEW PROFESSIONAL CREDIT ADVISER FRAMEWORK
Currently MFAA Professional Credit Advisers™ have demonstrably higher standards than required by legislation. "Focus on the Future" initiatives are about further raising the bar of professional standards and ensuring it is appropriately recognised and rewarded by politicians, regulators, consumers, lenders and other industry stakeholders” MFAA CEO - Phil Naylor.
Over recent months, following the approval by the MFAA Board to release the MFAA Strategic Review for consultation, we have conducted reviews and discussions with the National Committees and State Councils. All have generally endorsed the draft Review’s direction and supported undertaking wider consultation with Members which is now underway.
In a nutshell, the outcomes from the MFAA Strategic Review conducted in late 2009 are that the MFAA:
- Is a Member association whose role is to represent and support ‘Professional Credit Advisers™’, and
- Will promote the value of dealing with an MFAA Professional Credit Adviser™ to consumers.
The "Focus on the Future" consultation paper identifies 5 key initiatives for the MFAA to undertake:
- To provide clarity on who the MFAA represents - Professional Credit Advisers™
- The development of an enhanced Professional Framework – including an education pathway incorporating transition approaches to a Diploma as the minimum education requirement for Professional Credit Advisers™ over time
- To represent members with a unified voice in political and regulatory advocacy
- To lead stakeholder engagement
- To deliver on the need and demand for increased consumer awareness
Further information on these key initiatives is available by clicking here.
The "Focus on the Future" initiatives are being proposed following extensive consultation with members including the 2009 MFAA Member Survey, which supported many of the Strategic Review recommendations:
- 95% of members agreed that: "The MFAA should be striving to assist members achieve higher standards of professionalism compared to non-members."
- 84% of members agreed that "in making the MFAA the ‘Member’ association of choice, the MFAA should require its members to adopt and adhere to higher levels of professional standards than those that apply to non-members."
- 78% of members said they would like to see "consumers view an MFAA member as a member of an association with standards in excess of the minimum regulatory standards of the day"
Importantly, in sharing the outcomes of the Review and the MFAA’s future direction we are seeking member feedback and comments please take this opportunity to provide your input on the initiatives.
If you have any comments, please email them to Phil Naylor (email@example.com).
We look forward to hearing your views.