Key issues: Breach of responsible lending | Unconscionable conduct | Failure to render services in an appropriate manner | Fiduciary duties | Home loan application | Mortgage Broker
Summary of the outcome:
We found that the FSP breached its responsible lending obligations and failed in its fiduciary duties towards the consumer however as the loan application was never completed, that the consumer also did not suffer any financial loss. We did find that the consumer was entitled to non-financial loss.
Summary of Determination
The Determination affirms the position set out in our Review dated 13 May 2016, subject to one point of difference, namely that no award for non-financial loss was warranted.
Follow this link for a full copy in PDF >> Determination | 27 April 2017