The Australian housing market is currently in a time of downturn, dropping 4.8% in the last year. In context, that’s the most significant fall since the Global Financial Crisis. While a slip in the market will affect many homeowners to some degree, those who have purchased investment property through a self-managed super fund (SMSF) may be especially at risk.
Hon. Bernie Ripoll, Consumer Advocate for Financial Rescue explaining the Financial Ombudsman Service as the Royal Commission starts its inquiry into financial advice. #banksRC
Banking Royal Commission wastes no time to highlight extend of problems with banking and the advice sector.
Mr Wilkins was a mortgage broker and helped clients to arrange finance to purchase properties. ASIC found that on five occasions in June and July 2010, Mr Wilkins submitted loan applications on behalf of clients in which he deliberately overstated their savings by between about $130,000 and $179,000.