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Year in review: Top 10 stories of 2014

Year in review: Top 10 stories of 2014

It was an action-packed year that featured several financial scandals, vital moves on the regulatory front and a hint that a massive third-party shake-up may be on the way.

10. Lender re-risks its loan book

Bank of Queensland revealed that its “strict credit standards” had prompted the bank to reduce its exposure to the booming Sydney and Melbourne property markets.

9. ING Direct sells mortgage portfolio

Mortgage Business broke the news that a non-major lender had purchased a $1.5 billion portfolio of non-branded mortgages from ING Direct.

8. Major bank warned over misleading mortgage ads

ASIC took action against one of the big four banks after it falsely claimed to have the lowest standard variable rate.

7. ASIC cancels Banksia AFSL

The regulator cancelled the Australian financial services licence of Banksia Mortgages, a subsidiary of insolvent firm Banksia Financial Group.

6. Non-bank founder passes

The industry reacted with sadness to the death of Homeloans founder Timothy Holmes, who was hailed as “a giant in the mortgage industry”.

5. Scale of illegal property investment exposed

Well-placed sources in the Australian mortgage and property space revealed the magnitude of foreign nationals buying existing property in Australia.

4. Regulators announce mortgage market probe

APRA and ASIC struck late in the year when they announced an investigation into interest-only loans, high-LVR lending and investor loans.

3. Murray calls for changes to SMSF borrowing

The final report of the David Murray-led Financial System Inquiry made waves when it urged the government to prohibit certain SMSF borrowing arrangements.

2. Coles closer to mortgage play

Mortgage Business revealed that Coles had engaged a third-party distribution specialist to evaluate plans to begin distributing residential mortgages.

1. ASIC takes action against non-bank lender

The regulator censured Mortgage House after it “inappropriately used an ASIC trademark to sell one of its products”.

Year in review: Top 10 stories of 2014
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