Determination - 5 July 2013
Key issue: Breached of duty of care | Negligent advice | Unconscionable conduct
Summary of Determination
I find that the finance broker:
- breached its duty of care to the complainants by negligently advising the complainants on loans to purchase an investment property; and
- engaged in unconscionable conduct by knowingly or recklessly arranging loans for the complainants which were unaffordable.
Consequently, I order the finance broker to pay the complainants the sum of $261,000 in compensation for financial loss caused by the finance broker’s conduct.
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