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There are several professional bodies that play an important role in the financial services industry(FSI) A.
There are several professional bodies that play an important role in the financial services industry(FSI)
A. The Credit and Investment Ombudsman adjudicates disputes between mortgage brokers and consumers and mortgage brokers and lenders.
B. The Financial Ombudsman Services resolves disputes with consumers including some small businesses and member financial services providers.
C. The ABA promotes industry standards, guidelines and protocols including the ABA is Code of Banking Practice.
D. The MFAA is an association that represents over 10,000 brokers, mortgage managers and aggregators.
Why is it important to understand what the loan purpose is ?
A. So the lender can identify if the loan is regulated or un-regulated
B. as the lender wants to know precisely the purpose of the loan to check applicant is no lying.
C. should the loan be for non-residential investment purpose it could be treated as a regulated loan if a good reason is put forward.
D. because the National Consumer Credit Protection(NCCP) Act 2009 stipulates that if more than 70% is use for a personal purpose it must be treated as a regulated loan.
