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Sydney broker banned as ASIC claims 'unacceptably high' level of industry misconduct

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Australian Broker | 23 Jan 2014, 09:08 AM Agree 0
ASIC has stated the number of credit providers it's had to take action against is "unacceptably high" after banning a Sydney mortgage broker
  • The Sage | 23 Jan 2014, 09:50 AM Agree 0
    So Peter Kell thinks that banning 8 credit providers out of approx 11,000 is unacceptably high, and in an ideal world he's probably right.

    But in the real world where we all operate, he trumpets loudly about the 8, representing 0.0007% of credit providers, whereas the more significant figure is that 99.9993% are all operating correctly.

    Would the same statistics apply to other professions?

    And finally, talk about upside down priorities, here he is trumpeting about 8 "small fish", but the "big fishes" ie the ABC Learning, the Storm Financials of the world get to walk away effectively scott-free.

    Good one Peter, what a great and effective regulator ASIC have become.
  • Keith of the west | 23 Jan 2014, 10:01 AM Agree 0
    What about all the bank employees fired for misconduct fraud and theft? Never reported to ASIC so guess does not matter?
  • Brian Hastings | 23 Jan 2014, 10:11 AM Agree 0
    this is exactly the nonsense reporting that MFAA should reply to defending the brokers. 8 in the scheme of things when the ASIC audits are a relatively new experience is very very low. MFAA should push the fact that 11,000 others are honest.
  • Adrian Buscombe | 23 Jan 2014, 10:38 AM Agree 0
    All the brokers doing the right thing by their clients are sick and tired of all this negativity.
    I would like to read stories how ASIC has found 99.9993% of brokers do comply and give us a strong recommendation to the the public.
  • Country Broker | 23 Jan 2014, 10:39 AM Agree 0
    These comments are spin from ASIC , 8 brokers out of 12,000 plus is NOT an unacceptably high number , perhaps ASIC needs to be looking at the conduct of the banks mobile lenders and branch staff who are clearly breaching at times , will they NO that would be too hard . Also the MFAA has issued press releases before defending the brokers , it needs to do it again.
  • Old Joe | 23 Jan 2014, 10:42 AM Agree 0
    You see ASIC really think that this was all going to catch the 'Big Fish'. Looking at the stats I believe that the stats are probably never changed. What I want to see is bank staff desperate for figures and also drawdowns and activity push through loans where us brokers won't due from clients not showing serviceability. I mean when all you have is 2-3 loans in your suite and the borrower threatens to walk out comes the deal of the century from the bank officer. This is going to be the fun stuff...watch this space I seen it recently.
  • Melbourne Broker | 23 Jan 2014, 11:16 AM Agree 0
    Has ASIC ever targeted another industry and provided the same amount of constant negativity as they are doing with Brokers? Is their real objective to try and destroy the Broker Channel?
  • GC | 23 Jan 2014, 11:35 AM Agree 0
    Yet another BS story from ASIC. There is more criminal action going on in the banks - and they know it but dont have the guts to take the banks on.
    The MFAA should hang their heads in shame. I thought they were here to stand up for the brokers who pay they fat wages. It appears Naylor and his crew are only interested in getting into bed with the banks - and now ASIC. MFAA are absolutely pathetic and completely useless to our great industry. As far as I am concerned the MFAA can POQ as they are only sitting on their MFAA (My Fat Arrogant Arse instead of working with and for the industry
  • Sandy from the West | 23 Jan 2014, 11:42 AM Agree 0
    Sick of the grandstanding by ASIC.
    That's a very low number of unethical brokers found guility.
    It's very disappointing that ASIC still fail to make accountable the biggest villains among the bank staff and mobile lenders.
    Not to forget ASIC'S and Kell's deplorably poor performance pre FCC in it's architecture or approving the ingredients of the FCC with the greedy banks and investment schemes.
    Cut out the smoke and mirrors and do your job properly.
  • David | 23 Jan 2014, 11:47 AM Agree 0
    Another shonk gone - great! This is not a small fish - this is a dishonest fraud who deserves to be expelled rather then banned for three years. Nevertheless, Peter Kell's comments need to be put in perspective - there is currently a Senate enquiry into ASIC's effectiveness, there is a possibility its chairman may not have his contract renewed and, most importantly, there is a real possibility that ASIC's budget may be cut under the current Government's cut backs. Kell's statement is designed to justify ASIC's future funding levels - and we can expect more of this in the coming month or so as Hockey and Treasury put the May budget in place.
  • Stan Fournarakis Vic Broker. | 23 Jan 2014, 03:57 PM Agree 0
    Why is it that on some (and thats only a very few) occasions i let "business go" because i believe to have found fake/fraudulent documents when interviewing these clients right at the outset, only to find out that the "bank" down the road approved the loan.??? What exactly is happening there? Is the staff member involved working alone? Are there branch targets to be met? etc etc. What if the loan goes belly up in the future! I wonder who this dishonest customer will blame?
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