The Finance Brokers Association of Australia (FBAA) managing director Peter White today welcomed the release of the ASIC report, Looking for a mortgage: Consumer experiences and expectations in getting a home loan.

“I’m really pleased with the outcome of this ASIC research,” Mr White said.

“Like any industry, we are always looking at how we can possibly improve.”

But Mr White “totally dismissed” claims by consumer group CHOICE in regards to the ASIC report.

“Once again, this group has highlighted their disturbing lack of real understanding into the broking sector,” he said.

“They are creating issues that simply don’t exist.

“I thought CHOICE was meant to provide an independent and unbiased assessment, yet here they are again making extreme, unsubstantiated claims.

“Our industry is completely supportive of best interest duty,” he said.

Mr White said brokers always looked to give potential borrowers the very best range of options.

“I believe most borrowers are given between four and six options,” he said.

“If brokers are only given one or two options, then that needs to be looked at.

“In reality, depending on the borrower’s circumstances there may only be one or two options, so it would be wrong to make a generalised statement without knowing all the details of those specific cases.

“But if we need to, let’s up our game as an industry.”