Key issues: Financial product/investment loans | lender | delayed settlement of loan and loan refinance | FSP provided inaccurate information about the loan discharge | FSP attempted to recover loan funds in an inappropriate manner

Summary of Determination

  1. (a) did not unreasonably delay the settlement of either:

    (i) the partial discharge of the consumers’ loan, or

    (ii) the refinance of the consumers’ loan,

    (b) did not attempt to recover repayment of the consumers’ loan in an inappropriate manner, or in such a way as to cause the consumers any financial loss, and

    (c) did provide inaccurate information to the consumers, but has already adequately compensated the consumers for any loss caused as a result.
  2. This Determination affirms the position set out in our Review dated 28 April 2016 (the Review). I do not propose to restate that analysis but instead adopt it for the purposes of this Determination. A copy of the Review is attached.

Follow this link for a full copy in PDF >> Determination | 22 July 2016