Bransgroves Lawyers has filed a submission with the ACCC opposing the merger between the two largest aggregators. The reason for our objection is we perceive illegal cartel behaviour operating within the mortgage aggregation industry and submit that the merger of the two largest operators to create one aggregator, which represents more than half of all …
Bransgroves Lawyers has obtained senior counsel’s advice to the effect that the shadow discipline system utilised by the aggregators is potentially a criminally illegal cartel. If a broker wishes to change aggregators the broker requires a letter from its existing aggregator that includes the expression no adverse conduct. This is referred to in the industry …
On 4 June 2019 Matthew Bransgrove wrote an open letter to the Chief Executive Officer of the MFAA decrying the denial by aggregators of the existence of the Broker blacklist in the Australian Broker magazine. Click here to read the letter. On 21 May 2019 Matthew Bransgrove wrote an open letter to Australian Aggregators deploring …
The Court recently determined that borrowers are mutually clients of the funder, the brokerage company and the sub-broker because of the ongoing relationship and the commission split. All information is therefore gathered for the mutual interests of those parties. It is therefore imperative that your agreement with your brokers clearly sets out who owns the …
The NSW Supreme Court decision in Marsden v DCL Developments Pty Ltd (No. 3) [2016] NSWSC 1795 ruled on the meaning of clause 28.2 of the Code which provides: “With your agreement and cooperation, we will try to help you overcome your financial difficulties with any credit facility you have with us”. The bank had …
Court rules on “vague and amorphous concepts” in the Code of Banking Practice Read More »
There has been much debate and case law about the enforceability of the Code of Banking Practice. In the past, a strict approach has been taken against lenders who have engaged in conduct which is considered to be a breach of the Code. However, the recent Victorian Supreme Court decision of Commonwealth Bank of Australia v …
Code of Banking Practice: Recent Milestone win for Lenders Read More »
The Competition and Consumer Act 2010 has been amended to protect small businesses from unfair contracts as of 12 November 2016. ASIC has released an information sheet on the changes to the law (INFO 211) ASIC interprets the new law as applying to loan contracts. Which borrowers can claim protection? Any business with less than …
Mortgage and Loan Docs can be unjust after 12 Nov 2016 Read More »
The recent Court of Appeal decision of Pioneer Mortgage Services Pty Ltd v Columbus Capital Pty Ltd [2016] FCAFC 78 reinforces the courts firm stance against employers for the actions of their employees. Bransgroves Lawyers acted for Columbus Capital which was the successful party at first instance and on appeal. We have previously reported on the lower …
Vicarious Liability: The Efficient and business-like Mortgage Originator Read More »
Former General Manager of a mortgage manager, Beth Stolyar-Nguyen, has been charged with obtaining money by deceit under s 178BA of Crimes Act 1900 on 19 January 2016 . The charges relate to the procurement of a loan from ANZ Origin during Ms Stolyar-Nguyen tenure as general manager of the mortgage manager in 2005. It …
Criminal Charges Brought Against Mortgage Professional Read More »
Mortgage duty will be abolished in NSW on and from 1 July 2016. As a result, the following changes, pursuant to the Duties Act 1997, will apply: Duty will not be payable on any mortgages executed on or after July 2016; Duty will not be payable on any advances made on or after 1 July 2016, …
