Releases mortgage broking report
ASIC has released a report on the mortgage broking industry, prepared by the Consumer Credit Legal Centre NSW.
This report concludes that while the consumer use of brokers has expanded greatly, there are still few barriers to entry in the industry, such as clear minimum competency or training standards.
The report analyses the structure of the industry, identifies a range of problems experienced by consumers, and examines the way in which the industry is regulated in Australia and internationally.
It includes a number of case studies, and the results of surveys of consumer caseworkers and brokers.
Subsequently, the Mortgage Industry Association of Australasia has announced it will seek formal ASIC approval for its external dispute resolution scheme, the Mortgage Industry Ombudsman Scheme.
A new ASIC guide, ‘Using a Mortgage Broker’ is available from www.fido.asic.gov.au.
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