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Consumer complaints against brokers drop

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Australian Broker | 27 Oct 2015, 08:00 AM Agree 0
Consumer complaints against mortgage and finance brokers decreased over the 2015 financial year
  • Stephen Dinte | 27 Oct 2015, 10:01 AM Agree 0
    Whilst I do not know the exact total number of loans written each year by all mortgage brokers in Australia, I am confident that it would be in the hundreds of thousands. COI received 294 complaints during the year. That equates to something like 0.01% or 0.02%. Waste of time to think about it.
  • Steve McClure | 27 Oct 2015, 10:29 AM Agree 0
    At a time when loans and broker activity has increased, it's a great result. Also, the improved commitment to the broker channel by lenders, combined with the efforts of brokers and associations has helped to head in the right direction.
  • JB | 27 Oct 2015, 11:57 AM Agree 0
    A large percentage of the 294 would be frivolous complaints. I had one made against me by a client who declined a finance approval and did a loan with another broker. Then made a complaint with COSL about the loan that never proceeded and never cost them anything. Waste of time, cost me a few hundred bucks though.
  • Dave Robinson | 27 Oct 2015, 04:22 PM Agree 0
    Did anyone ask how many complaints against lenders? Would like to know the numbers to pass on to ASIC.
  • Jimmy | 28 Oct 2015, 08:42 AM Agree 0
    Dave - there were 745 complaints made against residential lenders and mortgage managers, which accounted for 15.4% of total complaints, as stated in the article.
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