The MFAA Board has approved amendments to the MFAA Code of Conduct and Disciplinary Rules.
The MFAA Code of Practice and Disciplinary Rules exist to ensure members provide the highest levels of service to consumers in Australia.
The Code and Rules are reviewed every two years to ensure they are fit for purpose and meet the needs and standards of the MFAA, its members and the industry.
The amendments update and simplify language and improve the efficiency of the disciplinary processes that underpin the Code. The amendments do not change what we expect from our members.
In accordance with the MFAA Constitution, changes to the MFAA Code of Practice and MFAA Disciplinary Rules will come into effect one month after publication of the revised Code and Rules on the MFAA website and notification to Members.
These changes come into effect on 22 December 2023.
If you have any questions in relation to the changes, please contact compliance@mfaa.com.au
Why do we have a Code of Conduct and Disciplinary Rules
Professional standards and continuous professional development are of paramount importance to our membership and the industry as we strive to drive great customer outcomes.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry acknowledged that codes of practice are vehicles for industries to self-regulate and set standards on how to comply with and exceed what is required by the law.
This includes setting dispute resolution mechanisms, whereby code subscribers are held accountable to their customers to promote better consumer outcomes as well as confidence and trust in the industry.
Reference: This article was written by MFAA & published 22 November 2023
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