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ASIC vows EDR review

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Australian Broker | 08 Dec 2011, 06:00 AM Agree 0
ASIC has promised a review of the authority given to EDRs following widespread complaints from lenders
  • ozboy | 08 Dec 2011, 10:22 AM Agree 0
    Isn't this a turn up for the books. Brokers were concerned that having ASIC looking over their shoulders would be detrimental but with ASIC taking on COSL/FOS and the MFAA compulsory membership I for one am so happy to see others in our industry are now being held accountable. A long time coming and great work ASIC. WooHoo.
  • Paul Stack - Stacks Finance | 08 Dec 2011, 10:28 AM Agree 0
    Glad to see someone is addressing this nightmare!! What ASIC doesn't realise is that by delaying bringing defaulting loans to the market all that happens is the borrower gets nothing as interest and fees keep accruing at default rates, creating more complaints . . . and the cycle continues!!
  • Roo Boy | 16 Jan 2012, 01:15 PM Agree 0
    After having a client lodge a false compliant after they failed to pay the mandate & then failing again to pay the payment arrangement the client themselves arranged ... I supplied FOS all the required information within 4 working hours, FOS took 6 months to try to resolve including I should where a 50% discount in the mandate ... I finally received a new FOS case manager who reviewed the case again & realised the client was using the system to avoid payment. The client never responded to the final FOS letter explaining the case was being award against them. The kicker is that I am now being charged by FOS $3000 for this false compliant & I am still having to take the client to court ... Why is FOS/COSL not getting some type of bond from the client to weed out non genuine complaints that leave the Broker at the mercy of these excessive FOS/COSL charges !!
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