Your broker should also be a member of the MFAA (Mortgage and Finance Association of Australia) or the FBAA. The membership application process is stringent
with requisites of experience, industry sponsorship, and probity checks.
All members must join an independent external dispute resolution service, such as the
Credit Ombudsman Service Limited (COSL), or a recognised
Australian Securities and Investment Commission (ASIC)
approved equivalent. This industry body requires a minimum level of experience in the industry or minimum educational qualifications. They also require a continuation of training.
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