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Snitching like a pro: How to report a dodgy dealer - and keep your name out of it

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Australian Broker | 27 Sep 2013, 08:00 AM Agree 0
The ASIC misconduct complaints process has been described as a nightmare by our readers - so what are brokers' options when it comes to keeping the industry clean?
  • not so old broker | 27 Sep 2013, 10:28 AM Agree 0
    If you thinK about it - the reason for asking for an "official complaint" is so you would not just ring up to annoy a close competitor or friendly enemy. You could say that broker /accountant./planner was doing something illegal and cause them all sorts of trouble even if s/he is completely innocent. How'd you like to be on the end of anonymous complaint? Ask ASIC if they can keep your name out of it, but they need substance if they expect to get a prosecution. just making noises is a cop-out.
  • Consumer Observer | 27 Sep 2013, 11:03 AM Agree 0
    Professionalism is anything but obvious with a headline such a s "Snitching like a pro: how to report a dodgy dealer and keep your name out of it". Childish language ('snitching' & 'dodgy') and attitudes ('keep my name out of it') do not enhance professionalism. It is an immature approach to reporting alleged non-compliant behaviour. ASIC has a reporting (not 'snitching') process available so provide facts and leave the regulators to decide who, when and where they investigate the allegations provided. That's professional.
  • Michael | 27 Sep 2013, 11:10 AM Agree 0
    I recently lodged an online complaint via the ASIC website in relation to a company client I had arranged business finance for. The case worker assigned to my complaint contacted me within 24 hours of submission. The matter has since proceeded in a timely manner and is now in the hands of the ASIC prosecution area. I do recall the online application process gave me the option of keeping my identity private which on this occasion, I chose not to do. At this stage, I don't have a bad word for the ASIC complaint process.
  • MelbBroker | 27 Sep 2013, 02:19 PM Agree 0
    I helped a client to submit a complaint about a broker. Full documentation provided, client's name and mine provided. We received no feedback and when the client contacted them to enquire about the progress, was told that 'we don't work for you, you submit the complaint and we take it from there. We won't be advising you of the outcome.' And that's where it ended....the broker is still about and nothing has changed.
  • Broker | 27 Sep 2013, 03:00 PM Agree 0
    They are damn good at collecting revenue though!
  • Leah | 10 Dec 2013, 01:20 AM Agree 0
    I agree with ''Not So Old Broker". If you are not prepared to make an official complaint then you are not entitled to complain.
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