Huh???? ASIC panning the use of bank calculators re mortgages 2004 and then in 2005 exempted bankers from prosecution???? Its game on!!! Thanks Gladys
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http://www.theage.com.au/news/property/end-of-the-line/2004/09/22/1095651380749.html
September 22, 2004
The Australian Securities and Investment Commission (ASIC) has shut down loan calculators on more than 100 Australian websites in another move against line-of-credit home loans that use false advertising to trick unwary borrowers. The calculators were on websites of financial institutions, including banks, building societies, credit unions and mortgage brokers...............In response to ASIC's move, the Mortgage Industry Association of Australia (MIAA) this week released advertising guidelines for its members, prohibiting false advertising under the threat of sanctions. "Brokers must portray things the way they really are," says its chief executive officer, Phil Naylor.
"You can use charts and graphs to sell loans but they must show the repayments correctly. The calculator is one of the issues we address specifically in the...