Determination - 1 July 2015
Summary of Determination
1. I find that the FSP engaged in unconscionable conduct when it arranged loans for the consumers in October 2009. In particular, I find that the FSP:
- wilfully or recklessly withheld material information from a lender in order to create a false impression of the consumers’ financial circumstances and thereby influence the lender’s credit assessment, and
- knew that the consumers could not afford the proposed loan repayments, or was recklessly indifferent as to whether or not they could do so.
2. To resolve the complaint, I order the FSP pay the consumers the sum of $102,905 as compensation for financial loss caused by the FSP’s conduct.
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