Broker Code of Conduct
This code of conduct applies to private mortgage brokers who register on the Omicron platform. This code constitutes a contract between such brokers and Omicron Mortgages P/L. Brokers who breach the code are liable to suspension, expulsion and in the case of clause 6, damages.
- The broker must at all times act in an ethical and professional fashion.
- The broker must not pitch deals to an investor without having first obtained the borrower’s written mandate.
- The broker must not pitch deals to an investor outside that investor’s published lending criteria (including geographic limitations).
- The broker must make full disclosure to the investor of any facts known to the broker which might reasonably be expected to influence the investor’s decision to invest.
- The broker must not be complicit in the use a solicitor who is not an Omicron-accredited solicitor acting for the investor on an advance or discharge introduced through the Omicron platform.
- The broker must not look to Omicron Mortgages Pty Ltd for any losses they incur as a result of using the platform. While Omicron provides tools to assess the integrity and competence of investors the responsibility for dealing with such investors is the broker’s. Omicron disclaims all liability for the actions of such investors and for the appropriateness of having them registered to the platform. The software is designed to weed out bad eggs, not to prevent them from becoming registered in the first place. Therefore it is to be expected deficient investors will make it onto the platform. Moreover the software may be flawed in design, concept or code, and it is anticipated that it will take many years to hone and perfect it. The broker acknowledges all this and and agrees to hold Omicron safe from losses incurred as a result of brokering loans through the platform.
- The broker must not broker mortgage loans to investors introduced to the broker through the platform except through the platform for a period of 5 years from the date the broker ceases to be a registered broker on the platform. It is agreed that for breach of this clause the broker must make an account of profits to Omicron.