MFAA plays hard cop

The Mortgage & Finance Association of Australia expelled eight brokers during the 2011/12 financial year - twice the number it chucked out during the previous year.

The most common cause of expulsion was submitting fraudulent loan applications to lenders.

MFAA president Phil Naylor said: "The increased expulsions demonstrate the MFAA's determination to ensure the highest professional standards."

The MFAA has 11,200 members. The association has lifted its standards since the introduction of the National Consumer Credit Protection Act in 2009.