Digital Finance Analytics (DFA) Blog
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Interesting piece today from Mortgage Professional Australia. ASIC’s review of mortgage broker remuneration is in data collection mode currently, though ASIC says it will then follow up on the data, which could lead to another round of consultation. Later in the year, ASIC will prepare its report and deliver it to Government by December 2016. … Continue reading “Mortgage Brokers and the ASIC Review”
Further information on the debate about Mortgage Brokers, this time from MPA. The article highlights the issues in play. From Sam Richardson, Mortgage Professional Australia. Navigating Regulation is part and parcel of running a business. Occasionally however, it determines the future direction, not only of a business, but of an entire industry, as it did … Continue reading “ASIC and brokers: Communication breakdown?”
The government has released the draft legislation implementing 22 recommendations and two additional commitments which arose from the Hayne Royal Commission, including recommendations 1.6 and 2.7 which establish a compulsory scheme for checking references for prospective financial advisors and mortgage brokers. Via Australian Broker. Before the royal commission began, under ASIC’s Regulatory Guide 104, both Australian financial … Continue reading “New Legislation For Brokers Released”
ASIC has today published updated guidance on the responsible lending obligations that are contained in the National Consumer Credit Protection Act 2019 (the National Credit Act). ASIC’s decision to update RG 209 followed a number of developments since the guidance was last updated in late 2014. These developments have included: ASIC regulatory and enforcement actions, … Continue reading “ASIC updates responsible lending guidance”
Keynote address by ASIC Commissioner Sean Hughes at the ARCA National Conference, Gold Coast, 14 November 2019 Today I would like to address some of the issues that have been raised in relation to responsible lending and demonstrate two facts. First, that the concerns are misplaced. Second, the principles underpinning these provisions remain sound, even … Continue reading “ASIC On Responsible Lending”
We look at the latest ASIC report on Mortgage Brokers, and the exposure draft of the Best Interest Obligations due to come in next year. What questions should you be asking your Mortgage Broker? https://asic.gov.au/about-asic/news-centre/find-a-media-release/2019-releases/19-232mr-asic-research-highlights-the-importance-of-reforms-for-mortgage-brokers-and-home-lending/ https://www.treasury.gov.au/consultation/c2019-403520
We look at the latest ASIC report on Mortgage Brokers, and the exposure draft of the Best Interest Obligations due to come in next year. What questions should you be asking your Mortgage Broker? https://asic.gov.au/about-asic/news-centre/find-a-media-release/2019-releases/19-232mr-asic-research-highlights-the-importance-of-reforms-for-mortgage-brokers-and-home-lending/ https://www.treasury.gov.au/consultation/c2019-403520
ASIC has commenced proceedings in the Federal Court against National Australia Bank (NAB) for breaches of the law arising from failures with its Introducer Program. ASIC alleges that between 3 September 2013 and 29 July 2016, NAB accepted information and documents in support of consumer loan applications from third party introducers who were not licensed … Continue reading “ASIC sues NAB for dealing with unlicensed home loan introducers”
The big four bank has told ASIC to consider the utility of the broker channel before proposing bespoke responsible lending obligations, adding that it has not identified a notable difference in the quality of loans originated by the channel. Via The Adviser. In February, the Australian Securities and Investments Commission (ASIC) launched a review to update its … Continue reading “ASIC’s Responsible Lending First Round Hearings Concluded”
Brokers should be applying new credit card assessment rules to their loan applications, the solicitor director of The Fold Legal has suggested. Via The Adviser. The Australian Securities and Investments Commission (ASIC) last year announced new assessment criteria that is to be used by banks and credit providers when assessing new credit card contracts or credit limit … Continue reading “New credit card rules will impact brokers, says lawyer”