Determination - 15 December 2014 (b)


Summary of Determination

  1. The finance broker provided credit assistance to the consumers from 24 August 2011 to March 2012.  The finance broker was a credit representative of the FSP during this period (representative).  Accordingly, the FSP is responsible for the representative’s conduct.
     
  2. I find that the representative provided credit assistance to the consumers by suggesting and assisting the consumers to apply for a particular credit contract with a particular credit provider in circumstances where that credit contract was unsuitable for the consumers.  In doing so, I find that the representative engaged in conduct prohibited by section 123 of the National Consumer Credit Protection Act 2009 (Cth) (NCCPA).
     
  3. To resolve the complaint, I order that the FSP pay the consumers the sum of $21,989.95, as compensation for the loss they have suffered as a result of the FSP’s conduct.  
     
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