The MFAA was disappointed by the ill-informed comments from consumer advocacy groups that were reported in the media today in regard to the ASIC Review of Mortgage Broker Remuneration. The MFAA believes the changes they proposed to broker commission models would be detrimental to consumers’ interests.
The MFAA represents 12,900 brokers, each of whom is responsible only to consumers – their customers – and rely entirely on customer relationships and referral to grow their businesses.
Aside from current government warnings of global malware scams, the Australian Competition & Consumer Commission (ACCC) advises that 2016 reported online scams increased by 47% compared to 2015. A sharp increase in social media scams include, in particular, dating sites and fake trader scams. Combined reports numbered 200,000 with reported losses totalling $300 million.
The Australian Competition & Consumer Commission (ACCC) has released a report to assist up to 2 million small business owners to review potentially unfair terms in standard form, or “take it or leave it” contracts.