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ASIC, MFAA clash over verification

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Australian Broker | 21 Nov 2011, 06:00 AM Agree 0
Credit regulator ASIC and the MFAA are at odds over the verification onus being placed on brokers, but according to ASIC's Greg Kirk, it is not possible for brokers to shirk their responsibilities
  • John G | 21 Nov 2011, 10:43 AM Agree 0
    Brokers are simply an intermediary and should not be held to the same standard as the decision maker. Banks will use this conflict to their own benefit and to our detriment.
  • bretto | 21 Nov 2011, 10:51 AM Agree 0
    Yep good on you ASIC focus on core non-bank business. Doing a very good job of killing the broker channel..... Self employed people with 20-30-40% equity are the last people to not pay their mortgage. Often the castle is their super. Which I might add has performed much better than actual super, with the top funds at about 1-2% growth with the highest fees.
  • Julio | 21 Nov 2011, 10:57 AM Agree 0
    Glad I'm no longer writing any form of consumer loan. No thanks, I'll stick with Commerical
  • John H | 21 Nov 2011, 11:08 AM Agree 0
    Typical ASIC making the legislation so vague that no can understand it. Then when it comes time to enforce the act they can take what ever tact they like. Spell it out for us ASIC because I am tired of reading between lines. If the MFAA or our aggregators cannot figure your legislation we brokers have no hope.
  • positivebroker | 21 Nov 2011, 11:50 AM Agree 0
    I have been steering clear of lo doc for a while now. I really dont see a future for lo doc under responsible lending guidelines unless backed up by BAS Statements.
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