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No surprises as ASIC releases ad guidelines

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Australian Broker | 23 Jul 2012, 07:00 AM Agree 0
ASIC's latest guidelines for credit advertising show no surprises, with all the usual suspects at the top of its list
  • David Pattemore - DPF Mortgage Specialists | 23 Jul 2012, 11:33 AM Agree 0
    Any Brokers who restricts the consideration of the clients' loan options to only 1 or 2 lenders should be prevented from referring to themselves as Mortgage Brokers but rather be required to promote themselves as "Lending Agents of Bank ABC + Bank XYZ".

    Lending Agent is a more accurate title and would assist borrowers to easily identify those in the industry who do consider & offer loan options from a large range of Lenders / Loan Products and those who do not.

    This simple solution can be easily monitored by ASIC + MFAA / FBAA + Aggregators via Commission Statements and would fall within the principles of NCCP to protect the borrower.
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