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the Fee from ASIC for an ACL will only be a minority of the cost im sure. Thats most likley to be the case if your business is more than a 70 k a year franchise office.
ta
rolf
"KEY FACTS ABOUT OUR SERVICE"
"FACT FIND"
"SUITABILITY CHECKLIST"
SUITABILITY LETTER SENT
CONTACT HISTORY NOTES ( already doing this one )
KFIs provided.
MORTGAGE OFFER LETTER SENT with associated documents.
add to this - MFAA broker contract ( which still does not protect the brokers relationship with the client allowing for bank churning)
APPLICATION FORM AND PRIVACY STATEMENT
FINANCE SUMMARY PAGE
SETTLEMENT LETTER
Has anyone noticed that a conflict of interest is not able to be dealt with by a disclosure ( as is the case with FPs) -we (brokers) have to ensure that our conflict of interest does not disadvantage the customer and as I think Rolf pointed out how is disadvantaged defined. Gadens suggest in one breath that suitable disclosure should suffice but then say "Unless a sensible interpretation is applied, the provision becomes impossible to comply with" - I haven't seen any interpretation from ASIC have you?
I would say that every low doc inquiry I get at the moment raises a conflict of interest over the income requirements that I have and lenders don't to the extent I can't write most of the business.