Yet another attack on mortgage brokers from consumer group Choice should not only be dismissed outright, but reveals the groups disturbing lack of real understanding about the broking sector, according to the Finance Brokers Association of Australia (FBAA).

FBAA managing director Peter White said criticism of broker training is unfounded, revealing that training never stops.

“This myth being peddled by Choice and a few others at the recent royal commission that a short online course can qualify someone to be a finance broker, is completely false.”

He said the industry sets a high bar for finance brokers and the initial course is just the start.

“A Certificate IV is the right entry point to a continual lifetime of learnings, including mentoring for two years minimum which can be extended if necessary.

“Continuing professional development goes forever at a minimum 25 hours per year for FBAA members which is higher than the benchmark set by ASIC.”

Mr White said theory is only a part of the training and learning on the job under guidance is an important part of development.

“Choice is putting too much emphasis on ‘book study’ and their comments show they have little clue about the facts.

“People enter our industry from all walks of life and regularly come from a near zero base of industry knowledge, so it is vital that training covers all forms of consumer lending rather than just mortgages.”

“Having a proper and well-founded base line of knowledge is all important in learning anything new, and you need to know the basics first. This way what is built on top is solid and won’t collapse.”

He said this is not the first time Choice has got it wrong on broker training.

“Choice provides a valuable service for consumers in reviewing vacuum cleaners and washing machines, and they need to stick to what they know” he said.