Broker 'deceptive'
The Age
Wednesday August 11, 2004
Camberwell-based Structured Financial Solutions is the latest mortgage broker to fall foul of the corporate watchdog for misleading and deceptive advertising.
Between June 2003 and February this year, Structured Financial Solutions published advertisements and brochures in which it claimed to offer "independent" and "impartial" advice about mortgages. The Australian Securities and Investments Commission said the claims were misleading and deceptive because the broker advises only about lenders on its panel. These lenders pay to be on the broker's books. Structured Financial Solutions yesterday agreed to pay compensation to anyone suffering a loss as a result of the claims, to stop claiming to be independent, to establish a compliance program and a complaints-handling system, and to pay an unspecified sum towards consumer education. -- Peter Weekes
© 2004 The Age