MIAA to launch disciplinary tribunal
The Mortgage Industry Association of Australia will launch a new disciplinary tribunal which will have the power to censure, suspend and expel members on the basis of misconduct. The MIAA represents mortgage brokers and non-bank lenders. It has appointed former ACCC CEO Hank Spier to head the tribunal. Mr Spier has a background in fair trading, trade practices and consumer protection.
Association CEO Phil Naylor said the tribunal, scheduled to be launched in August, will provide the necessary mechanism to deal with complaints. There has been a fair amount of publicity in recent times about unethical and inappropriate practices in the mortgage industry, Mr Naylor said, and the best way for us to deal with that is to ensure MIAA's members are operating in accordance with the organisation's code of practice.