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Solicitor urges brokers to check insurance policies

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Australian Broker | 25 Sep 2015, 08:00 AM Agree 0
A leading solicitor is urging brokers to check their professional indemnity insurance and fidelity insurance policies to ensure they are covered under changes to verification of identity
  • Peter White CEO FBAA | 27 Sep 2015, 08:26 AM Agree 0
    Why Jon - once again this does NOT impact a finance broker or their PI - it never did as finance brokers do NOT act as a solicitor or conveyancer or the agent of either for VOI in the matter of a CONVEYANCE !!

    So this is irrelevant and always was !!!!

    Here's a free tip, the required PI cover under the NCCP that a finance broker has does cover them for VOI of "applicants" they are arranging finance for and the advice in relation to the terms and conditions thereof. So their PI only covers this activity and not VOI for a conveyance (different thing different conduct different activity, and different legislation) - and what's more the PI cover ARNECC are talking about can't be added to a broker's PI it would have to be a separate policy if it applied but it doesn't (unless you are a conveyancer or a solicitor or agent of either anyway) !!!!
  • Scott Beattie | 28 Sep 2015, 09:29 AM Agree 0
    I would expect that if aggregator's aren't already suggesting a preferred insurer, it's only a matter of time before it must be a panel approved PI solicitor to ensure that it meets a minimum standard.
  • Incognito | 28 Sep 2015, 11:54 AM Agree 0
    Jon is looking ahead to when all parties do everything online (via Pexa or other platform under ARNECC).

    Somewhere there must be VOI and practically the broker seems most convenient to everyone (including the lender).

    So although we don't do conveyancing we will probably end up doing the VOI.

    Which is fine but I think is worth another 5 points upfront.. Anyone agree?
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