The Mortgage and Finance Association of Australia Code of Practice

There are a number of codes of practices that have been developed that are relevant to banking and finance law and practice. Codes of practice generally are enforceable rules that sets out an industry’s commitments to deliver a certain standard of practice.

Notably, the codes of practice that have relevance and are important to legal practitioners include the Banking Code of Practice (see Banking Code of Practice) developed by the Australian Bankers’ Association, the Customer Owned Banking Code of Practice developed by the Customer Owned Banking Association (for credit unions, mutual banks and mutual building societies), and the ePayments Code (see ePayments Code) administered by the Australian Securities & Investments Commission (ASIC).

In addition to these codes of practice, there are other formal codes developed by the industry that legal practitioners may find useful. The Mortgage & Finance Association of Australia’s (MFAA) Code of Practice is one such. Legal practitioners who advise the finance broking industry (such as mortgage brokers and finance brokers) should have working knowledge of the MFAA Code of Practice.

The guidance note provides an introduction to the MFAA. It also outlines for legal practitioners some key provisions of the code.

See The Mortgage and Finance Association of Australia Code of Practice.