FBAA Membership Criteria

 

FBAA Membership Criteria

Finance Brokers Association of Australia

The FBAA have two main membership types: Accredited member and a Corporate Membership.

Accredited Member

  • Completed and signed membership application form forwarded to FBAA together with certified copies of the requested accompanying documentation.

  • Evidence of a minimum of 2 years proven experience in finance industry. If less than two years with the appropriate experience they must be mentored by another member who has the experience and time in the industry of finance/mortgage broking. Mentoring to continue until the completion of the two year requirement and the Mentor is satisfied that they have met the requirements and experience necessary.

  • Evidence of completion of Certificate 4 in Financial Services (Finance/Mortgage Broking) FNS40810 or the equivalent.

  • National Police Check: Applicant must provide a National Police Check with their application. This document must be dated no later than three months prior to this application. In the instance where the applicant is a company, partnership, business or firm, all directors, partners and principals directly engaged in the business must provide this document. This can be the original document that can be returned to you on request, or a Certified Copy. NB: On legal advice original and copies of police documents are not kept on file and are destroyed after processing of application.

  • Nomination of four lenders to provide written or verbal references. N.B. Referees are contacted personally by FBAA staff to confirm references.

  • Declaration of any pending charges or convictions for fraud or dishonesty.

  • Declaration of current bankruptcy or Directorship of a company under previous or current External Administration, Receivership or Involuntary Liquidation.

  • Certificate of Incorporation where applicable.

  • ASIC Search – in the instance where the Applicant is a Company:
    This search must be dated no later than three months prior to this application and must list all current Directors and Shareholders.

  • Copy of Business Name Registration where applicable.

  • Full Resume of Individuals/Directors/Partners.

  • Photographic identification of individuals for membership or nominees of company applicants

  • Evidence of any prior learning or training:
    N.B. FBAA members are required to accrue 25 CPD points per annum as evidence of continued learning.

  • Evidence of Professional Indemnity Insurance by way of a Certificate of Currency.

  • Evidence of membership of an ASIC approved External Dispute Resolution Scheme.
    N.B. The FBAA’s preferred scheme is Financial Ombudsman Service (FOS) formally BFSO and can be found at www.fos.org.au

  • Evidence of an acceptable ‘individual’ AML/CTF (Anti-Money Laundering and Counter Terrorism Financing Act 2006) compliance training.

  • A copy of your Credit Report / or that of Nominee of the business - which is dated no earlier than three months prior to application for membership - www.vedaadvantage.com.au

  • Copy of your registration details with ASIC if you are conducting consumer lending (i.e. ACL or ACR)

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