Search Results for: ASIC brokers

ASIC’s recent initiatives to strengthen underwriting standards

Cathie Armour, Commissioner, Australian Securities and Investments Commission spoke at at the Australian Securitisation Conference 2018. She updated their views on responsible lending, and their new approach to getting better data on the sector.  They also to publish a consultation paper on RG 209 revisions and enhancements. Responsible lending The National Consumer Credit Protection Act includes … Continue reading “ASIC’s recent initiatives to strengthen underwriting standards”

Brokers targeted in major litigation proceedings

Maurice Blackburn Lawyers has confirmed that it is preparing court proceedings against the major banks and brokers in regards to alleged breaches of the NCCP, according to The Adviser. On Monday, media reports began circulating about rolling litigation being levelled at the major banks and brokers relating to alleged breaches of the National Consumer Credit … Continue reading “Brokers targeted in major litigation proceedings”

ASIC publishes a review of reverse mortgage lending

ASIC’s review of the reverse mortgage industry highlights that some taking a reverse mortgage could face financial difficulty later in life. This despite the fact that borrowers can never owe the bank more than the value of their property, and can remain in their home until they pass away or decide to move out Thus, … Continue reading “ASIC publishes a review of reverse mortgage lending”

CIF to propose ‘customer first duty’ for brokers

The Combined Industry Forum has agreed “in principle” to extend its good consumer outcomes requirement to incorporate a “conflicts priority rule” as a “customer first duty”, via The Adviser. In its interim report, released on Monday (27 August), the Combined Industry Forum (CIF) stated that throughout 2018, it has been considering ways to build upon … Continue reading “CIF to propose ‘customer first duty’ for brokers”

No more volume-based bonuses for mortgage brokers

The ABA says that Australia’s mortgage broking industry has ended the use of volume-based bonus commissions, campaign-based commissions, and other volume-based bonus payments. This is one of the main findings of an interim report prepared by the Combined Industry Forum. In making these changes, the industry has responded to concerns that the previous structure of … Continue reading “No more volume-based bonuses for mortgage brokers”

CBA is Less Focused On Brokers

In the CBA’s full-year 2018 (FY19) financial results, released yesterday, the share of new home loans originated by brokers dropped from 43 per cent  in FY17 to 41 per cent in FY18, as they focus on “their core market”. CBA’s net profit after tax (NPAT) also took a hit over FY18, falling by 4.8 per … Continue reading “CBA is Less Focused On Brokers”

MFAA responds to brokers’ bad press

From MPA. In a letter to its members, the Mortgage and Finance Association of Australia (MFAA) has highlighted the positive impact brokers have on the lending market, quoting new data that confirms a customer satisfaction rate of 92% and a reduction in complaints of 78%. The industry data, based on figures released last week, highlights … Continue reading “MFAA responds to brokers’ bad press”

ASIC warns consumers about paying high fees for credit repair and debt advice services

ASIC is warning consumers about companies that claim they can fix a poor credit rating. ASIC is running a month-long campaign, with other Commonwealth, state and territory agencies, to help consumers understand that by using credit repair and debt management firms they may end up paying high fees. Consumers should be aware these companies often … Continue reading “ASIC warns consumers about paying high fees for credit repair and debt advice services”

‘Conflicted’ remuneration should go: ASIC Chair

From The Adviser. The new chairman of the ASIC has said that he has been “surprised” that there has been “reluctance, and often resistance, to addressing conflicts, especially those embedded in remuneration” – highlighting the broker remuneration report. Speaking at the Australian Council of Superannuation Investors Annual Conference on Thursday (17 May), the chairman of the … Continue reading “‘Conflicted’ remuneration should go: ASIC Chair”

ASIC welcomes AFCA Authorisation

ASIC has welcomed the authorisation by the Minister for Revenue and Financial Services of the operator of the new single external dispute resolution (EDR) scheme for consumer and small business complaints: the Australian Financial Complaints Authority (AFCA). AFCA will be able to deal with complaints about financial firms including banks, credit providers, insurance companies and … Continue reading “ASIC welcomes AFCA Authorisation”