Resource produced with input from AFG and Connective representatives
The Mortgage & Finance Association of Australia (MFAA) has released a new guide to help brokers effectively navigate the complex process of staff and contractor departures.
Titled MFAA Resource: What to do when someone leaves your business, the guide provides clear, practical steps for broking businesses looking to scale up and safeguard their operations.
Developed in response to member feedback, it covers both recruitment and exits, including template clauses for employment agreements, tips to protect client information and intellectual property, and strategies for resolving disputes and preserving business continuity.
The guide also offers advice on remaining compliant with regulatory obligations.
Naveen Ahluwalia (pictured), executive of policy and legal at the MFAA, said: “Members looking to grow and scale their business have shared their experiences, asking for more practical guidance on the often complex and challenging process of exiting staff – whether employed or contracted.
"We often see members sharing their experiences after an exit has gone badly – when it’s already too late and the fundamental building blocks weren’t in place. This guide helps members put the right foundations in from the start, so they’re prepared before issues arise.
"This guide helps members put the right foundations in from the start, so they’re prepared before issues arise."
The resource was produced in collaboration with the MFAA National Compliance and Regulatory Forum, with key contributions from forum president Shirley Elliot, head of compliance at AFG and Daniel Oh, group legal counsel at Connective.
“This comprehensive guide offers clear, actionable steps to ensure compliance and maintain operational stability and I highly recommended it for all business owners seeking to manage when they experience staffing changes,” said Elliot.
“It’s about making sure things stay professional and focused on the client, even when someone moves on,” added Oh.
The guide is available to MFAA members via the Legal and Compliance section of the Member Portal Broker Toolbox.
It includes information on:
- what to have in place when recruiting staff
- practical steps to take when someone leaves the business
- template clauses for employment and contractor agreements to support compliance and reduce risk
- tips to safeguard client information and your business’s intellectual property (IP)
- guidance on how to quickly resolve disputes that may arise
- strategies for preserving business continuity
- advice on meeting regulatory obligations
