The Australian Competition and Consumer Commission provided the right to the CFMIA to grant certification to finance brokers and finance consultants in the finance industry.
The CFMIA holds the trademark rights with IP Australia.
Absolutely.
Under the Rules of Certification, the "Approved Certification Education Designation Program" must possess the following.
The CFMIA Board has nominated the Diploma of Finance and Mortgage Broking Management (or other ASQA appoved diploma course in finance approved by the CFMIA Board and Education committee) as the diploma that meets the first part of the course.
The second part of the advanced course is made up of two components.
The first being the RTO/Industry body created/approved component, and the second being a specialised finance course focusing on intrinsic issues surrounding commercial asset finance.
The CMFIA Board has the right under the Rules of Certification to determine the makeup of the course as well as the providers, on the proviso that it meets the specified rules stipulated in the Rules of Certification.
The FBAA has supported certification for the finance industry for the last 25 years.
It has secured the rights to issue certification under the CFMIA certification rights.
Any member of the finance industry may be granted certification if qualified by joining the FBAA, even if they wish to retain other industry membership.
Absolutely.
Licence holders, aggregators and any other industry bodies are welcome to discuss group opportunities for certification membership.
The designate will need to abide by the rules on an ongoing basis which includes 30 hours of ongoing training each year.
The CFMIA will work hard to support its members in this process and more will be announced in time to come on this subject.
The Rules of Certification are on the CFMIA website to be downloaded by any interested party.
These rules give clear explanation as to what a designate would need to achieve to become Certified, as well as uphold the standards on an ongoing basis.
Absolutely.
There is nothing stopping anyone completing the course and on the proviso that it is all successfully completed, the future designate may carry forward the results through to the point where the Education Committee will consider their application for "CFB".
Under the rules of certification, the CFMIA board appoints an "Education Committee" which will assess applications to hold the Certification designation.
This is a group of a minimum five industry members that have good character and standing in the finance community that will analyse each application to ensure that the applicant meets the standards required to hold this mark of excellence.
Greater knowledge leading to greater opportunity.
The Advanced Certification course will elevate the knowledge of Finance Brokers significantly above that of the average broker, and open doors to new products and new sales opportunities to enhance their business bottom line.
It will also open employment opportunities to brokers looking to change their career path in time, especially those considering the banking sector.
This will also apply to bank lending staff looking to move into broking.
Most importantly it shows the clients of those carrying the symbol that they are dedicated to strong ethics and high standards which will give them an edge over competitors.
Yes.
Certified members may promote the FBAA certified finance broker designation on stationary and business cards.