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Advice boundaries clearer than ever: MFAA

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Australian Broker | 22 Sep 2011, 06:00 AM Agree 0
The MFAA has assured brokers that using the title "credit adviser" is permissible, and that the NCCP has actually clarified the distinction between financial advice and credit advice
  • bradq | 22 Sep 2011, 07:46 AM Agree 0
    So what, specifically, is "credit advice" and how is it different from "financial advice"?
  • PYC1 | 22 Sep 2011, 11:02 AM Agree 0
    If you have to rely on a title on your card then you have a problem. I have my name on my business card and that's it. The Company name identifies what we do. If you want a title, just put Loan writer, which is what the MFAA often refer to us as. I would listen to ASIC, not MFAA, that way you will not fall foul of them.
  • Simon | 22 Sep 2011, 04:12 PM Agree 0
    If you put yourself out there as giving advice, be prepared for the fall out when something goes wrong with the client. The credit adviser will have all the responsibility of the product chosen by the client. The client will say (and quite rightly) the broker "advised me". Why continue to make it hard for everyone.............just remove the words, it's not as if it is a registered title or a title with any significance, except to you. PYC1, I am with you. Forget the title. Go with service and professionalism.
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