Many years ago, the CFMIA worked closely with its legal team, support personnel, and the team at the ACCC to pull together "Rules of Certification" that would meet the standards required to carry this high level designation.
After a number of years developing the rules with the support of many industry members and legal counsel, the CFMIA was eventually granted approval by the ACCC to possess the right to grant this designation to Australian Finance Brokers and Consultants.
The CFMIA also holds trademark rights with IP Australia in regard to these designations.
Absolutely.
Under the Rules of Certification, the "Approved Certification Education Designation Program" must possess the following.
• An ASQA (or equivalent regulatory body) approved diploma level course (approved by the CFMIA Board), and
• An advanced course (or group of subjects with assessments) created by an RTO which includes subject matter relevant to ethics and duties of professional advisors.
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 created/approved component and the second being a specialised course with "Accendo Financial" that lifts the education standard well above the standard of simply Cert IV and the Diploma components.
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.
No.
The CFMIA, in being responsible for upholding the Rules of Certification, are determined to ensure that no discrimination will exist within the program where possible.
All industry members from any association or entity involved in finance broking and consulting is eligible to become a certified member as long as they meet the requirements listed in the Rules of Certification.
The CFMIA board wishes to thank the input of many industry members over many years and their support in bringing its programs to the industry.
The CFMIA board hopes that in time our industry will come together as one to support professionalism and strong ethics so as to protect consumers and others that are dependant on the services, advice and support of Australian Finance Brokers and Consultants.
Absolutely.
The CFMIA will do all it can as time marches on to work with all bodies to create cost efficiencies for designates and support services that will lift standards and improve the quality of advice In the Australian Finance market.
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.
Information on enrolling is available on the website.
It is important for applicants to read the application form on the website to determine eligibility for Certification, but any individual can complete the Advanced Program.
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.
Unlikely.
In fact, the CFMIA only expects the most dedicated and professional advisers will complete its program and carry the Certification mark.
Over time, this group of dedicated people will lead our industry and prove to the community that they stand for high ethical standards and are dedicated to understanding finance product and provide service well above the level of standard residential lending.
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.
No.
The annual fee to hold certification is $440.00 (gst inclusive) per annum and in comparison to other certification designations, it is extremely affordable, and the CFMIA has worked hard to lower the costs for its designates.
The CFMIA represents its designates and no other organisation or entity.
It has a goal to work hard for its designates to present them in a way that represents leadership in our industry.
It will not be dictated to by any organisation or body and will standby its designates as much as possible.
One component of the course is completed through Accendo Financial, that are specialists in training surrounding the areas of commercial lending skills, business risk, financial statement analysis, mastering cash flow, forecasting, business credit writing and grading of risks in the area of commercial lending.
Accendo will conduct its part of the program through three webinars that will be offered on a rolling basis from month to month.
The CFMIA will grant a period of up to 6 months to complete their program giving the candidate ample time to complete their course and the examination surrounding the material.
The other component is run by a Registered Training Organisation (RTO) who have developed an advanced course as set out in the Rules of Certification, that covers international finance, limited recourse borrowing, credit management, mentoring, sponsorship, equipment finance, leasing, fintech, Agri Finance, cash flow finance, asset finance, and many other important commercial products.
The candidate will have a maximum 6 months to complete the course.
The CFMIA reserves the right to extend this time frame under certain circumstances that dictate the required extension.
Yes.
The designate may carry the "CFB" designation on their business cards and on their stationery and is able to promote that they are a CFMIA Certified Finance Broker.
They are able to show their clients their code of ethics and designate requirements to demonstrate their dedication to professionalism and standards.