For brokers not able to satisfy current Full or Associate Membership educational requirements.
A Provisional Membership is the membership for the asset and equipment finance firm. In order to apply for a Full Membership, at least one Associate Membership is required. An Associate Membership is a personal membership for the nominated representative of the firm and any additional brokers in the firm.
Under CAFBA Provisional Membership all normal criteria for membership has been satisfied, including a Certificate IV as the minimum education standard. Provisional membership means that the member has 12 months to obtain the higher education standard of the Diploma in Financial Services: Complex Issues in Commercial Finance, which was implemented from 1st July, 2020
In order to be eligible to apply for a Provisional Membership of CAFBA applicants are required to have:
- Professional Indemnity Insurance cover of not less than $2m per claim and in the aggregate, including 12 months’ run-off cover. A PI Insurance Scheme endorsed by CAFBA is available to members
- Current membership in an External Dispute Resolution scheme
- An Internal Dispute Resolution policy for your firm.
For each Associate member that is named in the application, applicants are required to have:
- Agreement to abide by CAFBA’s Professional Standards
- Police Check for all Associate members (no more than 3 months old)
- Credit and Bankruptcy Check for all Associate members (no more than 3 months old)
- A copy of an AML Training Certificate (no more than 12 months old)
- As a minimum completion of the Certificate IV in Financial Services FNS41815 Specialising in Commercial & Asset Finance
- Ethics course to be completed via the Institute of strategic Management (ISM Boost Portal)
- References from 3 commercial lending institutions
Conditions of Provisional Membership:
The following must be provided by the first anniversary of Provisional Membership being granted, at which time membership will transfer to Full and/or Associate membership.
- Completion of the Diploma in Financial Services FNS51815 Complex Issues in Commercial Lending
- Provisional membership will be non-voting
- What happens if I do not complete my Diploma once I reach my 1-year anniversary of Provisional membership? do we let me stay on as provisional member?
Members who do not complete their Diploma within one year of Provisional membership, will not be provided any extensions in membership. Your CAFBA membership won’t be renewed. Having said that it would be one year from the anniversary of joining, so after 1 year membership would be terminated.
- CanProvisional Member still get aggregated through a lender and do deals?
It is up to aggregators whether they accept CAFBA Provisional membership, CAFBA confirms the new education standards of having a Diploma has not been reached. As a minimum these members still have the Cert IV which should be accepted by most aggregators.
- What sets apart full membership to Provisional Membership?
As a provisional member you do not have voting rights. Secondly if you don’t get your diploma within the year your m’ship will be terminated, and hence you will lose your lender and aggregator accreditations.
If you do not satisfy Full and Associate Membership criteria, please contact firstname.lastname@example.org to join Provisional Membership.