The Australian Securities and Investments Commission has become more aggressive in its campaign to shut down unlicensed brokers. It has taken a Sydney broker to court over repeated contraventions of the National Consumer Credit Protection Act.
The Federal Court ordered that the brokerage, EasyChoice Home Loans, stop advertising home-loan services and fined the director of the company A$7500 for advertising the provision of home-loan services in circumstances where the company was not authorised to do so.
EasyChoice did not complete its application for a credit licence, which...
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