Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

NCCP could become borrower weapon

Notify me of new replies via email
Australian Broker | 08 Mar 2011, 04:30 AM Agree 0
Industry regulation and licensing could lead to a litigious environment, a leading industry analyst has stated
  • Graham Reibelt | 08 Mar 2011, 10:44 AM Agree 0
    When it became clear that ASIC would not be interrupting or giving rulings on NCCP matters unlike the ATO, the writing was on the wall proclaiming that all those who sail in the good ship NCCP do so at their own risk.

    About the only thing we know is that we don't know anything about the true effects of the NCCP on the industry and until the first court case this uncertainty will stay.
  • countrybroker | 08 Mar 2011, 01:02 PM Agree 0
    I ubderstand what both Kym and Graham are saying. I also have a very stromh regard for what Jon Denevan at Gadens is saying.
    What do brokers do? what we should have always done , comply withh all the requirements of the NCCP , keep vary good records and file notes , make sure the client is very well informed, and I am getting the clilents to check and sign the fact sheet that I use which is the MFAA model( the MFAA Have done a great job) .
    When we saw the introduction of the previous uniform credit code there were all sorts of predictions, none of it ever came fully true .
    Bad brokers and lenders will always get sued , simple answer DO THE RIGHT THING, and try and not listen to the prophets.
Post a reply