Know Your Rights
Consumers have by a wide variety of legislation which was put in place to protect them, the mortgage industry over recent years has been governed more stringently and as a consumer you should be aware of what rights you do have.
AussieWise Finance Group fully supports all legislation passed as the company believes that appropriate legislation will help breed a customer centric culture within the mortgage and finance industry.
We have tabled below a summary of main points covering the legislation specific to the mortgage and finance industry for your reference.
Code of Banking Practice
The Code of Banking Practice sets standards of disclosure and conduct that AussieWise Finance Group has agreed to observe when dealing with individual and small business customers, and their guarantors.
The Code of Banking Practice is intended to:
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describe standards of good practice and service, |
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promote disclosure of information which is relevant and useful to customers, |
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promote effective relationships between the lending institutions and customers, |
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require lending institutions to have procedures for resolution of disputes between the lender and the customer |
Financial Services Reform (FSR) Act
Financial Services Reform Act (FSRA) is legislation that aims to provide protection for retail customers by ensuring they are better informed and able to make comparisons between financial products.
Which Products are covered by the FSRA?
The FSRA regulates, among other things, deposit and insurance products. While home loans and other lending are only covered with certain mortgage related products which include:
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Basic Deposit Products – including Access Accounts, Term Deposits of up to 5 years, Mortgage Offset Accounts etc |
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General Insurance Products including Home, Contents, Travel, Car, Credit Card and personal |
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Loan consumer credit insurance, etc |
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Non-Cash Payment Facilities including Travelers Cheques, Internet Banking/Phone Banking, |
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Cheque Facilities, Direct Debits/Credits, BPAY, etc Therefore (with the exception of offset accounts, where the requirement of being a member of an External Dispute Resolution Scheme is meet) ANZ Approved Originators must not sell these products, |
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arrange for the sale of these products or provide “Financial Product Advice” on these products before, during or after the loan interview, unless authorised under an AFS license. |
For further information regarding FSRA refer to one of the following sources: -
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Visit the ASIC web site at |
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Visit the FBAA web site at |
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Visit the MIAA web site at |
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Obtain your own independent legal advice |
Trade Practices and the ASIC Act
The Trade Practices Act and the ASIC Act are Commonwealth Acts.
These acts regulate the behavior of companies and their representatives with regard issues like; misleading and deceptive conduct, harassment and coercion.
The act provides protection to both private consumers and companies.
Consumer Components – Trade Practices act
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Unconscionable conduct |
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Misleading and deceptive conduct |
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Making false representations, |
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Harassing and coercing customers/guarantors |
Company Components – ASIC act
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Monopolisation |
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Exclusive Dealing |
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Resale Price Maintenance |
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Price Discrimination |
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Mergers |
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Consumer Protection |
Privacy Act
The Privacy Act regulates the way private sector organisations collect, use and store individuals ‘Personal Information’ and ‘Sensitive Information’. AussieWise Finance Group has created its own privacy policies to help ensure that your privacy is protected.
You can read AWFG’s privacy policy by clicking this link: -
AussieWise Quality Assurance – What we do?
As stated, there are many rights that a consumer has in today’s market. AussieWise strives to keep our consultants up to speed on legislation and have put process’ in place in the unlikely event that an issue arises.
Some of these processes and consultant up-skilling initiatives are listed below:-
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All consultants are MIAA members (Mortgage Industry Association) |
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Regular auditing of clients to obtain feedback on consultant/s (AWFG QA Team) |
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Scheduled meetings with consultants to update and refresh on legislation and market changes (Including regular e-mail updates) |
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Escalation process for privacy and complaints within AWFG |
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Second tier escalation process external to AWFG |
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Performance management of staff who may have breached any of the govt acts pertaining to the mortgage industry. If the issue is deemed serious enough then AWFG will recommend the cessation of the employment contract |
Our escalation points cover both complaint resolution and privacy issues, our Quality Assurance staff manage these functions and therefore respond promptly to any concern a client may have.
We do our utmost to resolve the issue or complaint by communicating directly with the client, in the event that the resolution is not to the satisfaction of the client, there are other avenues they may pursue.
Below you will find initial contact points for complaint and privacy issues along with other avenues.
AWFG Complaint Resolution
Address: Quality Assurance Officer
53 Chadtsworth Quadrant
Lower Templestowe
VIC 3107
AWFG Complaints Resolution
E-mail:
AWFG Privacy
Address: Privacy Officer
53 Chadtsworth Quadrant
Lower Templestowe
VIC 3107
E-mail:
External Escalation - Complaints
Credit Ombudsman Service on
Free call: 1800 138 422
Phone: 02 9267 0455
Fax: 02 9267 3125
E-mail:
External Escalation - Privacy
Federal Privacy Commissioner
Telephone: 1300 363 992, or
Address: Director of Complaints
Office of the Federal Privacy Commissioner
GPO Box 5218
Sydney NSW 1042
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