CBA pleads guilty to criminal breaches
The Commonwealth Bank is pleading guilty to selling life insurance to customers through unsolicited phone calls.At the Downing Centre in Sydney, the country's biggest bank on Tuesday said it would enter the plea to 87 charges relating to "hawking" of life insurance in late 2014, delivering a win to the Australian Securities and Investments Commission (ASIC).
Australia's biggest mortgage broker has misled customers with claims that its services are free, it is scanning the market to find the best deal and it will A new complaint to ASIC alleges that a million television, online and in-store advertising campaign by Aussie Home Loans is an example of
But, according to Choice, Aussie Home Loans is receiving a commission of 16 basis points per year for its services and “providing people with riskier loans that take longer to repay”. Aussie is 50 per cent owned by the Commonwealth Bank, a fact it rarely discloses. Choice alleges that 40 per cent of all
Australia's biggest mortgage broker has misled customers with claims that its services are free, it is scanning the market to find the best deal and it will "find people a quality loan", a complaint to the corporate regulator alleges.
Instead, mortgage broker aggregator Aussie Home Loans is receiving a commission of 16 basis points per year for its services and "providing people with riskier loans that take longer to repay", consumer advocacy group Choice has alleged in a complaint to the Australian Securities and Investments Commission (ASIC).
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Having already been caught 3,124 times charging the dead, AMP's continuation of the practice infuriates ASIC chair James Shipton to the point he has promised Parliament he will intervene in the case. Australian Securities and Investment Commission (ASIC) chair James Shipton told a Senate committee he was disturbed by the ABC's report on the treatment of customer Daryl Oehm.
Aussie Home Loans is misleading customers , complaint to ASIC alleges . by Pallavi Singhal. Australian love story at the heart of Bougainville's push for independence. Marilyn met her husband Moses in 1967. From that moment her fate was fixed to Bougainville's fight for freedom.
Young Australians are flocking to nude events from pop-up dinners in bars and art gallery tours to mini-golf and ten pin bowling. Aussie Home Loans is misleading customers , complaint to ASIC alleges .
The complaint states that a $25 million television, online and in-store advertising campaign launched by Aussie Home Loans between 2016 and 2018 is an example of "misleading and deceptive conduct across the mortgage broking industry".
"Advertising claims by Aussie Home Loans [state] they will find people a 'perfect loan', 'a better deal' or even a 'good' quality loan," the complaint reads.
"Choice is concerned that consumers who have seen these ads are likely to have formed the incorrect impression that mortgage brokers will scan the market to find them a high-quality loan, when the industry has failed to achieve this."
Home loan crackdown by APRA has secondary apartments and holiday homes in its sights
A change in rules by the banking regulator may see home owners with unrented, secondary apartments and holiday homes paying more on their mortgages.Under a new statistical collection system announced in July, APRA ruled that from January 2022 the definition of an owner-occupier loan can only include a borrower's primary place of residence and not any additional property that was allowed under previous rules.
Aussie Home Loans is misleading customers , complaint to ASIC alleges . Obama says he's open to higher taxes on the wealthy. Court fines Weetabix 0K for polluting river near factory.
Aussie is a leading home loan and mortgage broker with more than 320,000 customers . Let an Aussie mortgage broker find the right home loan for you. For Aussie Select home loans only. Your loan type can be found on your welcome pack or statements.
The complaint also looks at an Aussie Home Loans online advertisement that claims it will "find the best mortgage rate by comparing from over 3000+ home loans".
In reality, Aussie was sending two in five customers to the Commonwealth Bank, which owns the broker, Choice alleges.
"Aussie Home Loans is a well-disguised sales outpost for the Commonwealth Bank," its chief executive Alan Kirkland said.
Additionally, commissions paid to mortgage brokers by banks are adding 16 basis points per annum to the cost of every residential mortgage, the complaint states, citing UBS research.
"The 16 basis point cost is particularly significant in Australia's low interest rate environment when variable interest rates for residential mortgages are now below 3 per cent," the complaint states.
Commissions paid to mortgage brokers were examined by the Hayne royal commission into the financial services sector this year, with the final report recommending that commissions be replaced by an upfront fee.
NAB to pay compensation to 400,000 customers sold junk insurance
The National Australia Bank (NAB) has agreed to pay compensation to 400,000 customers who were sold junk credit card and personal loan insurance .It is understood to be the first settlement of a class action taken as a result of the banking royal commission.The amount to be paid to each customer is still to be worked out, but the court hopes they will be notified by Christmas if they will receive a payout.Compensation will not be paid to customers until some time after the settlement is formally approved at a hearing on January 30.
For an industry that sells peace of mind, unfair terms are pervasive throughout general insurance policies, like home and contents, car, pet and travel insurance. Consumer groups applaud a new bill that shines a light on the hidden causes of foodborne illness outbreaks.
Advertising. Aussie Home Loans is misleading customers , complaint to ASIC alleges . by Pallavi Singhal. Healthcare. Calls for inquiry into medical watchdog as complaints back up. by Kate Aubusson.
But the federal government said it will review the commissions in three years rather than axing them now.
The complaint also references ASIC research that found mortgage brokers were not providing cheaper loans than those people could get directly from lenders.
"People need to have confidence that mortgage broking advertisements are truthful and accurately reflect the services that the industry provides," Mr Kirkland said.
"ASIC must rein this industry in. We also urgently need the strong laws promised by the federal government to force mortgage brokers to act in their customers' best interests."
Mortgage brokers who fail to act in the best interests of their clients could be fined up to $1 million under proposed new legislation.
But Mr Kirkland said the proposed fines are not high enough, especially for the major brokers.
"For larger licensees, such as Aussie Home Loans, the current proposed penalty is too small and will be viewed as a slap on the wrist," Mr Kirkland said.
"Penalties need to be beefed up to at least $10.5 million."
Aussie Home Loans has been contacted for comment.
Facebook sues ILikeAd, alleges ad fraud .
Facebook sues ILikeAd, alleges ad fraud(Reuters) - Facebook Inc on Thursday sued a Hong Kong company that it said baited people into clicking on celebrities' photos and bogus advertising links, so it could install malware and run ads for counterfeit goods, diet pills and male enhancement supplements.