The Mortgage and Financial Association of Australia (MFAA) has expelled another broker for misconduct – the second in a week.
New South Wales-based Wei Hong Xu, also known as Victoria Xu, has become the tenth broker to be ousted from the association.
Xu’s exit follows Nam Nguyen broker, based in Victoria, who was expelled last week.
The MFAA would not provide further details of the explusions.
“We are committed to stamping out unacceptable behaviour in our industry and the public deserves to know who has done the wrong thing,” MFAA head Phil Naylor said.
While there is no nationwide legislation to protect consumers from con brokers, the MFAA requires its 13,000 members to sign a code of practice.
The body is working with states and territories to form laws to protect consumers from bad broking practices. They plan to roll out new legislation within 12 to 18 months.
“If this is introduced, it will bring about laws to hold all brokers across the country to account. In the mean time, our code of practice is the best protection for consumers,” Naylor said.
