Peak Industry Bodies
By Sandy Naidu | May 14, 2008
In any financial transaction (from buying home to planning for your retirement to applying for car loan) make sure you only deal with a company/individual who is a member of the industry peak body. Every industry association has a code of ethics and code of conduct. All the members have to adhere to these codes. So its always advisable only deal with the members of these associations.
Mortgage and Finance Association of Australia (MFAA)
This is the peak industry body for all mortgage and finance brokers.
Be it a residential mortgage, car loan or a personal loan make sure that the lender you are dealing with is a MFAA member. You can also get a list of MFAA accredited members on their website - MFAA. They currently have around 13,000 members. If you are wondering why a MFAA member, here is a direct quote from their website:
“MFAA members must adhere to the industry Code of Practice which required high professional standards, fair business practices, ethical behaviour and compliance with both the letter and the spirit of the relevant laws and regulations – all in the interest of you, the borrower.”
Securities & Derivatives Industry Association (SDIA)
This is the peak industry body for institutional and retail stockbroking firms (both individual brokers and firms). So if you have to deal with a stockbroking firm or individual, make sure they are a SDIA member. You can get information about who the members are at their website - SDIA.
Financial Planning Association Of Australia (FPA)
This is the peak industry body for all the financial planners in Australia. If you are planning to have a planner or already have one, make sure your planner is a FPA member. They currently have around 12,000 members. More information about who their members are can be obtained from their site - FPA. I have copied below their vision from their website (just to show you one of the main reasons you should deal only with a FPA member) -
“The FPA provides the leadership and professional framework that enable its members to deliver quality financial advice to their clients.”
The Association Of Superannuation Funds Of Australia (ASFA)
This is the peak body for superannuation funds in Australia. Individuals in the super industry and various superannuation funds can all be members of this peak body. Visit their website for more information - ASFA
Australian Financial Markets Association (AFMA)
The Australian Financial Markets Association is the peak industry association for Australia’s wholesale banking and financial markets For example - all banks are members of this peak body. Visit their website for more information - AFMA
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Topics: Financial Definitions |
3 Responses to “Peak Industry Bodies”
Comments
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July 22nd, 2008 at 4:27 pm
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November 5th, 2009 at 6:32 am
Nice post. Really you have done mind blowing job by sharing peak industry bodies here. Usually people do not keep these things in mine while getting any kind of loan. Thanks you have take their attention to these things which is very essential before getting any kind of loan.
December 30th, 2009 at 7:01 am
Interesting information provided in your post. I think after read your people can at list come to know about loan. Thanks for sharing this information.