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ASIC facing heat over handling of alleged broker fraud

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Australian Broker | 09 Jan 2015, 08:26 AM Agree 0
ASIC has found itself facing political heat over its handling of an alleged $110m home loan fraud case
  • Vic Regional Broker | 09 Jan 2015, 09:17 AM Agree 0
    Politicians can beat their chests in hindsight , which is wonderful thing.
    The fact is ASIC are basically underfunded and that did not just start with the current government , it has been going on since labour introduced the NCCP .
    I find it incredible that politicians jump on the bandwagon, when they also need to accept some responsibility for an under funded ASIC.
  • Ray Weir | 09 Jan 2015, 09:58 AM Agree 0
    As with previous State Government regulation of mortgage brokers, ASIC does not receive sufficient financial resources from the Federal Government to enable it to effectively carry out its compliance program or supervisory function.
  • Tim | 09 Jan 2015, 10:31 AM Agree 0
    True ASIC did take time to act but the question also has to be asked how long ago did the lenders know about these two.
    Why weren't their accreditations cancelled, were they reported to their aggregator and the MFAA/FBAA.
    We heard last year about a broker whose accreditation was cancelled without any explanation by a major bank even though he was not accused of any wrong doing and claimed he had not committed any and yet these two have been known to be crooked for some time and yet one of them was still allowed to operate as a broker up till last Tuesday.
    There appears to be a lot of explaining to be done here.
  • Priyanka | 09 Jan 2015, 10:47 AM Agree 0
    Hello ,

    Can you please tell me when the Senate Economics hearing is scheduled for this case?
  • SEQ Broker | 10 Jan 2015, 12:48 PM Agree 0
    Really Surprised and disappointed. Surprised that ASIC had a broker in its sights and did not pull the trigger, and disappointed that again ASIC seems to only be targeting brokers. These guys are fraudsters and deserve what they get however there's plenty of non compliance out there by the big 4 which it seems that ASIC lacks the intestinal fortitude (read guts!) to take on.
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