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Poll: Are you ready for disclosure under NCCP?

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Australian Broker | 07 Oct 2011, 01:15 AM Agree 0
Are you confident in your documented disclosures to borrowers, in light of the recent 1 October deadline? Have your say!
  • Xavier | 23 Sep 2011, 11:19 AM Agree 0
    I imagine someone is very porud of themselves in the bureaucracy.
    However, one should really ask themselves what real benefit this schmozzle is going to bring to the borrowers.
    I would like to see who really is going to take time to read a 'credit guide'.. most likely another waste of time and unnecessary red tape
    As far as the quote, well this is understandable although we eveolve in an industry that hardly charges fees.
    The credit proposal has got partly its place except for the part where the commission needs to be broken down between all parties.. Commissions are hard enough to guesstimate for a broker who is trying to assess how much he will receive after the various incentives - online lodgement incentive, conversion incentive, volume bonus, etc - some of which are not actually disclosed by the lenders and/or not even ascetainabvle in advsance by aggregators themselves... Furthermore most borrowers would not really care how much the broker gets paid as long as they get a good deal.. And how is a borrower going to be able to compare or understand if there is a difference between say an 'Aussie' borker where most of the Commission isd kept by the company vs an independant that earns it all for himself?!

    A lot of stirring things up for not much result to the consumer I am afraid in my opinion
  • 1martym1 | 23 Sep 2011, 11:53 AM Agree 0
    too true
  • countrybroker | 27 Sep 2011, 01:51 PM Agree 0
    Yes We are ready all documents are set up thanks to the good efforts of the MFAA !!! We have also installed larger waste papaer baskets near our front door !!! and taken shares in the companies who produced printer/ copier paper in Australia. because ?? We will need it !!
  • Jeff Mazzini AAMC | 30 Sep 2011, 05:37 PM Agree 0
    AAMC is pleased to announce it will shortly be releasing its new templates to assist its many clients meet the October NCCP requirements. Members who have already joined the "Toolkit, Templates, CPD and online monitoring club packages, will shortly receive email notification of the updates and requirements to obtain the new packages.
    Great news is that there is not a lot of change to the existing Templates issued nearly 18 months ago and there is only the need for one Financial Services Guide to cover Credit, Investments, Insurance as long as the Licences are held in the same Company name. Alternatively there is also the one requirement for the Financial Services Credit Guide and Statement of Credit Advice to cover all types of lending from personal, housing, asset backed, and business, commercial.
    Life could not be simpler.
  • stevemc | 07 Oct 2011, 12:25 PM Agree 0
    Actually, there were quite a few changes on the Credit Guide, the FBC is gone and the quote (where required) now exists. Not complaining, just saying that I know an aggregator that thought there wasnt much change - because they missed some of it. The MFAA has some good templates on their site for you fellow ACL holders. Just make sure you edit the bits you don't need to make them more user friendly.
  • Broker | 07 Oct 2011, 03:09 PM Agree 0
    Well this Goverment does excell in comedy and this is just another example of that.I too will be buying a bigger bin and some shares in reflex!
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