Is the Perpetual process flawed?
By
Luke Cornish
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16/03/2010 12:00:00 AM
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comments
The Australian Institute of Conveyancers (AIC) has claimed that Perpetual staff are not qualified to act for banks for the purpose of completing mortgage settlements leading to uncertainty over the fund manager's relationship with four banks.
Perpetual currently has a business relationship with
AMP,
ANZ, Bendigo and
Adelaide Bank and
NAB but the claims have called into question the validity of the contracts between the parties.
AIC president Pauline Barrow reportedly said that the outsourcing deals the banks have with Perpetual are not following chain of title - causing significant delays in mortgage settlements.
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