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​ASIC to seek harsher penalties for false advertising

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Australian Broker | 29 Nov 2013, 08:00 AM Agree 0
Following revelations yesterday that Mortgage Choice has been fined $30,000 for infringements, ASIC says it will be handing down harsher penalties for misleading advertising.
  • GW | 29 Nov 2013, 09:26 AM Agree 0
    Poofteenth?, really Australian Broker.... charming use of words
  • CM | 29 Nov 2013, 09:33 AM Agree 0
    GW, you might notice its a direct quote of another person.
  • GW | 29 Nov 2013, 09:39 AM Agree 0
    I don't care who it comes from it doesn't need to be quoted in the article, its offensive. Just because someone else says it. seriously bad form.
  • Dave Robinson | 29 Nov 2013, 10:17 AM Agree 0
    While the fines might have been the highest available to ASIC what about getting MC to do some corrective advertising to let everyone know that they lied. And yes Mr Russell I bet you wish it was all behind you, can't believe you (yes as CEO the buck stops with you) would let this happen on your watch.
  • Old joe | 29 Nov 2013, 11:53 AM Agree 0
    I'll ask the question again.....and it's appropriate ....where is the MFAA in all of this and why no comment.....or do Mortgage Choice have special privileges?
  • Broker | 29 Nov 2013, 02:18 PM Agree 0
    Just imagine if a Broker was the same issued the same infringement notice from ASIC, no doubt the MFAA would be beating their chests loudly , telling us how effective their strictly enforced professional standards are in weeding out the cowboys...sadly I have no respect for either organisation...and the silence on this issue from the MFAA just reconfirms why that is the case.
  • Arnie | 29 Nov 2013, 04:06 PM Agree 0
    I understand the current limitations on ASIC regarding the level penalty it can impose on companies such as Mortgage Choice. But when it comes to the MFAA's involvement, it seems to become a little bit murky. Why, would the MFAA who relies on the annual $500 odd donation from many MC Brokers for the honour of being called an approved MFAA Broker, dare criticize to complain about injustice when it comes to the choice of representing ALL brokers or $30 - $40,000 a year in revenue (only a guess, probably more). It's not the brokers/loan writers that work under the MC banner but the Directors who approved the TV campaign who should be harshly dealt with by both ASIC and the MFAA. Fat chance. I am I guess, just one of quite a few brokers who see very little benefit to MFAA membership or in fact the MFAA. I'm sure there is a need for a body such as this but anyone who has experienced the REI (Real Estate Institute) over the past 20 to 30 years would agree that these organisations have egos well in excess of ability, toothless tigers and chronic chest beaters. They only seem to remind us of their value to us just prior to the ever increasing annual membership fee. Ps, wouldn't it be great to see them hold a function where WE DON'T have to pay for it. Must go, gotta renew my MFAA membership. GROAN......
  • Amused broker | 02 Dec 2013, 12:13 PM Agree 0
    Might go and falsley advertise, generate $150,000 worth of business income and pay the $10,200 fine as a cost of doing business! I am being sarcastic and am amazed at how little the penalty is.
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