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Nova Home Loans exiled as licence cancelled

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Australian Broker | 29 Feb 2012, 06:00 AM Agree 0
Sydney-based finance broking firm Nova Home Loans has had its credit licence cancelled after a period of not being an EDR scheme member
  • ozboy | 29 Feb 2012, 09:37 AM Agree 0
    "When ASIC became aware of this, the regulator said it took steps to cancel Nova's credit licence." So you have to wonder what took so long? Does the Ombudsman not have a process for notifying the regulatory body about expulsions in a timely manner? How long does it take for ASIC to act once/if notified?
  • Wes | 29 Feb 2012, 10:51 AM Agree 0
    I'm sick of these sabre rattling stories from ASIC, EDRs, associations about compliance. I get it. Stop trying to outdo each other telling your stories about how tough you are and start supporting the 99.9% of the industry who are not only doing the right thing and trying to stay on top of this regulatory environment but also providing a wonderful service which is now being seen by the public as a great alternative to going direct. Bloody agendas ! No better than the politicians I say !
  • Country Broker | 29 Feb 2012, 11:01 AM Agree 0
    ozboy is correct what took so long? NOVA was expelled in June 2011for FOSL and it has taken ASIC 8 months to act. As a licence holder I need to know ASIC is working hard to keep the idustry clean and compliant. Why so consumers have confidence in the NCCP and know that when they deal with a NCCP licenced company they can do it with confidence.
  • Jas | 29 Feb 2012, 11:14 AM Agree 0
    Your all over it Wes, well said....
  • Coast Broker | 29 Feb 2012, 01:32 PM Agree 0
    Yes why did it take so long for ASIC to act. The EDR needs to be questioned.
  • Millions Well Spent | 29 Feb 2012, 03:42 PM Agree 0
    Only problem is if they do ask the EDR it will cost them $160..... how many millions spent by ASIC for this tiny result which would has fallen in their lap ?
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