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FBAA vows to eject 'unconscionable' broker

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Australian Broker | 09 Feb 2012, 07:00 AM Agree 0
FBAA president Peter White has promised disciplinary action against a former NSW President and existing member who was found by ASIC to have acted unconscionably
  • Matt | 09 Feb 2012, 09:45 AM Agree 0
    FBAA - Right under their noses and they knew nothing - wow.
  • ozboy | 09 Feb 2012, 09:50 AM Agree 0
    All sounds good Mr White but I think the real test will be how long it takes the FBAA to act. Anything longer than a couple of days and your creditability maybe diminished.
  • SanityPrevails | 09 Feb 2012, 11:23 AM Agree 0
    The FBAA was informed 7 years ago of this persons conduct and backed him at the time despite having accreditations and aggregator membership terminated.
  • Nicki - Broker 13 yrs | 09 Feb 2012, 11:29 AM Agree 0
    Let us remember that ASIC is the Law and what have they actually done in terms of a punishment...pretty much nothing. The FBAA will have to act under the law, but as a member I will be watching with interst to make sure they act fast.
  • JayNSW | 09 Feb 2012, 01:42 PM Agree 0
    In regards to the comment by sanityprevails, it would be impossible for somebody who has no current accreditation to be a member of either the MFAA or the FBAA. An association can't deny somebody a right to a livelihood until ASIC has given cause for membership to be cancelled. Now that such a determination has been made as long as it is dealt with quickly that is good enough for me.
  • Peter White FBAA National President | 09 Feb 2012, 03:08 PM Agree 0
    I do not see this debate as being productive as the matter has been dealt with by the court and now the FBAA, but for the record someone is inoccent until proven guilty by those that regulate our industry (ASIC) and those that have the power to make legal determinations, not kangaroo courts. The Federal Court has ruled and action has been taken, the matter is closed.
  • Anonymous | 09 Feb 2012, 03:57 PM Agree 0
    I think it is about time that the courts have realised what a sham this broker was conducting. I believe the FBAA will act quickly in regards to this. My question is, will this stop Chris Riotto from brokering more deals under the many companies he has?
  • Anon | 09 Feb 2012, 06:49 PM Agree 0
    He was expelled by the MFAA years ago. Seems the fish MFAA rejects the FBAA is more than happy to accept. Maybe they will do better due diligence of new members in the future
  • ozboy | 10 Feb 2012, 09:24 AM Agree 0
    I'm not sure that his membership is the big thing here I think it might actually be that he was the FBAA NSW President at the time these actions took place.
  • The Real Deal | 10 Feb 2012, 09:46 AM Agree 0
    Nicki - I think you will find that the punishment is that this will hit Riotto where it really hurts - the hip pocket! Costs were awarded against him and he has to pay compensation. He also has to pay for his own lawyers and Federal Court proceedings do not come cheap! Me thinks he will be seriously out of pocket as a result of this!
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