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ASIC examining consumer drive

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Australian Broker | 17 Aug 2011, 06:15 AM Agree 0
ASIC has questioned consumer group Choice's role in a mortgage lending campaign, it has been reported
  • petert71 | 17 Aug 2011, 12:20 PM Agree 0
    This is a great opportunity for the industry to observe an ASIC investigation. Much of the responsible lending legislation is vague and this case could be just what brokers need to get some clarity.
  • Spinner | 17 Aug 2011, 11:53 PM Agree 0
    What a fine mess choice has got itself in. They don't have the resources, the Banks don't have the resources to do this.

    They should have went to MFAA & FBAA and utilised the only resource capable of meeting NCCP and having any chance of processing each request being the 5000+ brokers.

    Choice need to do the right thing by the consumer now its blown up in terms of integity and volume.
  • Ozboy | 18 Aug 2011, 10:06 AM Agree 0
    While I agree with some of the above I think what has happened now is that Choice and The Big Switch are now backed into a corner, if they can't deliver a real discount in bulk then they will be in that creek without a paddle, however if they can deliver then everyone will back away slowly and say what a great result even though it goes against the law....that appears to be how it works from what I have been able to glean in my time on this "finance" planet (lets face it, it's another world out here).
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