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ASIC pulls up brokerage on outsourcing activities

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Australian Broker | 06 Dec 2013, 07:00 AM Agree 0
A Sydney-based brokerage has been reprimanded by ASIC for failing to properly train and supervise staff in China.
  • observer | 06 Dec 2013, 10:37 AM Agree 0
    Why would you send clients details to an overseas location? Surely this has potential privacy issues. This firm sounds like they are more bank than broker.
  • Country Broker | 06 Dec 2013, 11:11 AM Agree 0
    Easy answer , cheap solutions don't work same for banks or brokers , maybe first test would be can the operators clearly speak English, secondly do they understand the NCCP requirements.
  • Michael Corleone | 06 Dec 2013, 12:55 PM Agree 0
    I assume they write a lot of volume and could be non-resodent loans which is why they have back-end offices assisting them.. In that case the mortgage managers taking their operations offshore should have more responsibility than this broker and they should also be looked at, id put money on it that these guys settle more than all major mortgage managers.
  • Alby | 06 Dec 2013, 01:39 PM Agree 0
    Good marketing opportunity for the rest of us. "Deal with an Aussie based broker who doesn't send your details overseas for processing" Hmmmmm food for thought
  • Loan Processor | 25 Feb 2014, 09:45 AM Agree 0
    I say support Australia and stop sending work offshore.
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