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The Hollywood Blacklist

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 …

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When are your clients, your clients?

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 …

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Court rules on “vague and amorphous concepts” in the Code of Banking Practice

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 …

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Code of Banking Practice: Recent Milestone win for Lenders

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 …

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Vicarious Liability: The Efficient and business-like Mortgage Originator

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 …

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Take great care to include guarantors when carrying out a loan variation

The New South Wales Court of Appeal held in Adisan Pty Ltd v Irwin [2015] NSWCA 217 that a lender may be found to have engaged in misleading and deceptive conduct if they fail to inform all guarantors of any variation to the terms of the loan. It was also held that a failure to inform all guarantors …

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Broker Banned

ASIC has permanently banned a Melbourne broker and cancelled his credit licence on the basis of ASIC’s findings of recklessness on the part of the broker in submitting false or misleading documents in support of loan applications and failing to ensure its company complied with its Australian credit licence conditions and carried out its general …

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