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ASIC rule breakers 'don't belong' in industry

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Australian Broker | 17 Aug 2012, 08:00 AM Agree 0
A leading aggregator tells Australian Broker Online why there's no place for rule breakers in the industry
  • Country Broker | 17 Aug 2012, 10:17 AM Agree 0
    He is spot on , but banning an aggregator will have serious implications for its accredited Credit Reps who probably have done nothing wrong except checking that the Licence holder has a current memership Of COSL or another organisation,what did ASIC do to help them/ what did the MFAA or FBAA do to help them ? Looking at this ban , makes me feel secure in that I have my own licence!
  • Tom | 17 Aug 2012, 12:28 PM Agree 0
    I guess Credit Rep brokers just change aggregators. Simple.
  • Really? | 20 Aug 2012, 02:46 PM Agree 0
    If there really is no place for rule breakers in the industry, it would be bad news for every Finance dept in car sales yards!
  • John C | 28 Aug 2012, 08:46 PM Agree 0
    Really! what would you know about the operations of Finance department of Car Yards! Obviously nothing! The Finance Departments of Car yards are scrutinised heavily by the providers of the retail finance plans. The motor vehicle dealership that I operate at as a locum, yes just a couple of times a month, I still have to sit an annual internal ACCPA exam (test) and refresher course (this being one of the Banks), which if I do not pass, sees my access to the on-line lodgment system for that financier restricted until I do pass. Not only is the financier at risk if the Finance Manager of a dealership breaches the ACCPA code, so is the Dealer Principal. For that very reason, the car yard finance manager is under scrutiny perhaps more closely than a Finance broker. I can make this comparison as I have been an independent finance broker for nearly 30 years, so have seen both sides of the fence. Please be more careful before making uninformed careless off the cuff remarks! The fact you have done so questions your own integrity and professionalism!
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