ASIC will commence its examination into home loan switching fees immediately in line with the Federal Treasurer’s call for a review.
“The review will begin immediately,” said Tony D’Aloisio, Chairman of ASIC, “and will focus on making information that is clear and comparable on these fees available to the market as soon as possible.”
ASIC will work with industry and consumer groups throughout the examination and focus on the level of entry and exit fees, the industry rationale for charging them and the current disclosure of the fees.
Mr D’Aloisio also said ASIC would develop an enhanced complaints mechanism which would benefit not only consumers but also enable ASIC to analyse complaints and better understand the concerns of borrowers.
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