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Brokers beware of fraudulent deals

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Australian Broker | 12 Sep 2011, 06:30 AM Agree 0
Brokers need to be aware that a client's fraudulent transactions may come back to haunt them under NCCP legislation
  • oldBroker | 13 Sep 2011, 10:25 AM Agree 0
    And what are the aggregator responsibilities? If a broker is a CR under an aggregator's ACL, what are their responsibilities in all this? An ACL cannot sit back and assign all risk to the CR.
  • Ozboy | 13 Sep 2011, 01:13 PM Agree 0
    Hi oldBroker you will find that none of the aggregators actually run a CR program they all run them through another entity set up outside of the aggregator company thus having no impact on the aggregator if or when the CR stuffs up (that's the technical term). Not too sure how ASIC will view this over time especially as most of these are "controlled" via offsite methods so I think the new ACL entity will have it's work cut out especially with an offsite surveillance model coupled with a broker not doing everything they should.
  • FP | 13 Sep 2011, 01:58 PM Agree 0
    Yeah right. Financial planners acting under a FSL have not copped much at all even in the wake of Storm. Toothless tigers. ACL's is just a way for the banks to take more control again.
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