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Vast majority of brokers opt to retain CBA accreditation

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    About 2,000 brokers who were facing de-accreditation from CBA for not having written a loan with the bank in the past 12 months will now get to retain their certification after completing a mandatory e-learning module, the bank announced Monday.

    In May the bank made the e-learning module a mandatory component of retaining accreditation for those brokers and gave them 60 days to complete the training.

    “We are pleased to say the vast majority of brokers have now successfully completed their e-learning. For those who chose not to complete their e-learning by the deadline, they will soon receive a letter outlining next steps,” a CBA spokesperson said.

    Those brokers who did not complete the e-learning module in the timeframe will now have their accreditation revoked, but they can re-apply for accreditation at any time.

    While the bank said it’s important for its brokers to “understand their regulatory obligations, as well as our policies, systems and processes”, it also said brokers will no longer be required to write a minimum number of loans in order to retain accreditation.

    In the past, brokers who wanted to maintain CBA accreditation had to submit a minimum of four home loan applications and settle at least three every six months, although according to CBA this was not systematically enforced.

    The royal commission revealed that in 2017 CBA revoked the accreditation of 710 brokers due to inactivity. CBA has more accredited brokers per aggregator than most other lenders, according to ASIC.

    Related stories:

    • Industry leaders support higher accreditation standards
    • CBA moves away from conflicted volume-based service model

    Original Article