Mortgage industry releases new code

Tuesday, 14 September, 1999 - 22:00
IN AN effort to rebuild community confidence, the Mortgage Industry Association of Australia has released a new Industry code that complements the Federal Government Managed Investments Act.

MIAA national president Barry Barr said the new code was necessary to repair the image of the industry tarnished by the recent collapses resulting in financial losses for investors.

Elements of the MIAA code include members having minimal qualifications and experience, a continuing education requirement, a customer complaints contact person, an ombudsman to assist in mediating a resolution to any dispute and a commitment to best industry practice and fair dealing.

Mr Barr said the new code commited the association’s members to deliver the best professional standard, legal compliance, ethical behaviour, professional

education and dispute resolution.

He said the MIAA was wholeheartedly in support of the tightening up of

government legislation.

“We agree with investors that the professional and ethical standards...have fallen far short of community expectations,” Mr Barr said.

“The reputations of the thousands of brokers who have operated in an ethical and professional manner have been impugned by the manner in which a few in the industry have behaved.”

Mr Barr said the MIAA would enforce and bind the new code of practice on its 600 members.