The Mortgage and Finance Association of Australia (MFAA) has suspended another member for breaching its Code of Conduct.
Peter Hinck of Victoria has been suspended after admitting to his misconduct – of submitting three loan applications on behalf of people he had never met or spoken to.
This suspension follows the MFAA’s expulsion of member Nadia Pessarossi last week, who signed her former employer’s signature on a statutory declaration without his consent.
“This latest suspension – the second disciplinary action handed down in the last two weeks – will resonate with our members,” MFAA chief executive Phil Naylor said.
“The message is clear: do the wrong thing and you will be dealt with.”
The MFAA is committed to improving standards and integrity in the mortgage and finance broking industry, Naylor said.
So far this year, MFAA has enforced disciplinary action on five of its members, with two suspensions and three expulsions.
ASIC has also enforced disciplinary action on more than 20 financial advisers this year, due to misconduct and/or fraudulent activity.
Of the 21 financial planners the regulator has banned this year, eight of those advisers have been barred permanently.
