Australian Broker weekend wrap: ASIC bans, low-doc returns and investors still keen

by AB12 Sep 2015
This week saw ASIC take action against fraudulent operators, an aggregator exec take on a new role and resurgence of low-doc lending.

Making news on Australian Broker this week, ASIC announced it would ban a New South Wales broker who was found to have falsified loan documents worth millions of dollars. This wasn't the only ASIC drama this week, as the watchdog also announced a Melbourne broker pleaded guilty to a $110 million home loan fraud conspiracy.

In more positive news, the MFAA announced the appointment of AFG executive director Malcolm Watkins to its board. The move follows the recent announcement that Cynthia Grisbrook would take over as chairman.

In lending news, data from the ABS showed that investors were still active in the market, in spite of regulatory attempts to cool demand. And low-doc loans have also seen a resurgence, according to a report from the Australian Financial Review.