Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

ASIC casts aggregator from industry for EDR error

Notify me of new replies via email
Australian Broker | 09 Aug 2012, 05:00 AM Agree 0
ASIC has demonstrated its willingness to crack down on aggregators who fail to comply with NCCP, with a decision to cancel one aggregator licence
  • Country Broker | 08 Aug 2012, 03:16 PM Agree 0
    oUCH HOW MANY OTHER BROKERS ARE EFFECTED BY THIS, I AM REALLY GLAD I AHVE A FULL LICENCE.
  • Patrick | 08 Aug 2012, 03:31 PM Agree 0
    What happens to the credit reps under Pump?
    What happens to their existing trailers.
    There is a serious falwe in the current industry model. The actual loan writer (unless an employee) should be the primary owner of the relationship between the bank and the borrower. As with financial planning a broker should be able to move from one aggregator to another and a bulk transfer of their existing book should be available. Proper competition between aggregators where a failure in service or competitive pricing can result in loss of income is an overdue necessity.
  • Anti - Spin | 08 Aug 2012, 04:42 PM Agree 0
    Good one Patrick....I would move aggregator tomorrow if I could take the trail
  • Phil | 09 Aug 2012, 11:28 AM Agree 0
    Yes, having your own licence means you are in control of your own destiny.
    It could take just one bad apple (Credit Rep) to encourage ASIC to cancel an aggregator's Licence. Then what happens to all the others?
  • Bruce | 09 Aug 2012, 12:31 PM Agree 0
    Quick search on ASIC registers notes the company is in the process of being deregistered so hopefully no Credit Reps affected.
Post a reply