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White label products to come under ASIC scrutiny

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Australian Broker | 26 Nov 2015, 07:30 AM Agree 0
White label mortgage products may also come under the microscope in ASIC’s forthcoming review into remuneration structures in mortgage broking
  • SEQ BROKER | 26 Nov 2015, 10:00 AM Agree 0
    ASIC making work for itself. FIGJAM scenario here. The commission is advised in writing to a borrower in the credit proposal/quote. Your accusation is that a broker will place a client into an unsuitable loan for a few bucks. What
    a waste of time investigating that. Most lending is policy driven, and if a borrower is a strong borrower then it is price driven. To compete with price on a white label you will have to lower your commission.

    Another case of a blind man riding by on a horse being able to see better than ASIC!
  • CBA White Label | 26 Nov 2015, 12:53 PM Agree 0
    I hope they do check what CBA pays brokers who write white label loans.

    If they do ensure that the remuneration is the same, I will get a pay rise!

    Come on down ASIC.
  • Dave Robinson | 27 Nov 2015, 12:53 PM Agree 0
    CBA white label be careful what you wish for. CBA may just find it's not feasible to pay you properly and let you go.
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