Making a complaint
Anyone who believes that a Finance Broker has operated in breach of the conditions of the Finance Brokers Control Act 1975 and/or the Code of Conduct can lodge a complaint to the Commissioner for Consumer Protection. Complainants may initially contact the Principal Compliance Officer by phone to discuss their concerns. For complaints to be investigated by Compliance Officers, it is necessary that complaints be lodged formally in writing.
Individuals wishing to make a formal complaint to the Commissioner, should contact:
Principal Compliance Officer
Finance & Valuation Industries Branch
Locked Bag 14
Cloisters Square
PERTH WA 6850
Phone (08) 9282 0828
Fax (08) 9282 0436
Complaints provide valuable information to the Commissioner. All complaints are investigated by Compliance Officers of the Consumer Protection Division of the Department of Commerce. The outcome of the investigation is referred to the Commissioner to consider what additional action to pursue. Finance Brokers found guilty of failing to comply with the requirements of the Act, the Code of Conduct and/or licensing conditions are subject to disciplinary action pursuant to Section 83 of the Act.
All complaints, regardless of whether they progress to a formal Inquiry, are recorded and analysed to identify any common problems or trends in the industry. Information from these complaints is integral to developing and targeting appropriate educational campaigns for brokers, lenders, and borrowers.
Depending on the nature of problems encountered, complainants may also want to contact other agencies such as the Australian Securities and Investment Commission (ASIC) or the West Australian Police's Fraud Squad. Officers of the Department often work closely with these agencies and refer information to them, when appropriate.
It should be noted that the Commissioner has a disciplinary function but has no power to award compensation to third parties. Those persons who have incurred financial losses may wish to consider civil action or contact an ASIC approved alternate external dispute resolution scheme which provides consumers with an alternative to legal proceedings for the resolution of disputes with their Members.
Alternate dispute resolutions services include: