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Brokers to shoulder more liability from NCCP amendments

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Australian Broker | 08 May 2012, 06:00 AM Agree 0
The submission deadline for comment on NCCP amendments has passed, and Gadens Lawyers' Jon Denovan has blasted the unintended consequences of the legislation
  • Garry | 08 May 2012, 10:21 AM Agree 0
    It about time the govt and its agencies stayed out of this financial sector. If the lender is prepared to take the risk on the client then that should be sufficient for the client to proceed. Its the lenders money thats at risk here not ASIC's or the government. The broker doesnt make the final decision to lend to the customer so why on earth should the broker shoulder the responsibility. If the lender doesnt do their due dilligence then its their problem not ours.
  • Allan Faint | 08 May 2012, 10:22 AM Agree 0
    the preventing of peple borrowing because of their age, yet using the term it may be unsuitable would also then be termed unconstitutional. forcing people, who want to buy a home, to continue renting is wrong. just because in maybe 10 years they may need to down size.
  • Alex Filipovic | 08 May 2012, 10:46 AM Agree 0
    A brief CV on the NCCP decision makers. Never had a proper job, never been self employed, never been held responsible for their actions, don't have a clue. My message to Shorten - demand the same standards from your colleagues as you do brokers. Something about living in glass houses.
  • Country Broker | 08 May 2012, 11:14 AM Agree 0
    These amendments are quite conerning for exactly the reason Jon Denavon has pointed out , the possibility that the amendments may be unconstutional has never worried this labour goverment in the past,( think mining tax) their attitude seems to be see you in court , the MFAA , Australian bankers association and FBAA need to get together and fund a challenge to these amendmets NOW . Bill Shorten did seem to be an intelligent type , perhaps not!
  • Donut | 08 May 2012, 11:30 AM Agree 0
    Well said John Denovan! This Labor Government is just doing what Labor always does, attack the Self Employed. I wonder what the Federal Labor Minister responsible for these NCCP amendments, thinks of Craig Thompsons habits. Most Brokers don't do thing dishonestly and get this kind of treatment from our elected Government. But if your Craig Thompson, you can do anything.
  • sidbroker | 08 May 2012, 11:53 AM Agree 0
    I have to say that i have rejected most clients who seek finance as if you go strictly to NCCP requirements most people do no longer qualify to the right to borrow money. We Brokers can ill afford to take on the risk in a lot of cases in particular when you look at the renumeration for assisting people get funds does not match up to the immense liability we are expected to carry. NCCP is not workable. It is very damaging to our Great Nation.
  • Ripped off broker | 08 May 2012, 11:54 AM Agree 0
    just another reason why I wont write low doc or non conforming loans anymore. Put simply why put a target on your back.
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