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Brokers need to be more transparent, says banking association

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Julia Corderoy | 27 Mar 2015, 08:00 AM Agree 0
The government must act on recommendations that require mortgage brokers to disclose ownership structures, says a large banking association
  • Neil | 27 Mar 2015, 10:12 AM Agree 0
    What! After all the issues around the likes of Storm Financial (and BoQ) and CBA staff offering poor financial advise (and admitting as much) brokers are again in the cross-hairs! Wake up COBA, and tackle a real issue. Do banks declare who their largest stakeholders are when a staff member approve a home loan? Really. What nonsense.
  • GC | 27 Mar 2015, 10:26 AM Agree 0
    In my 17 yrs in the industry I have constantly come across instances where the client didn't understand the loan they had and were given the wrong loan and wrong advice - and 99% were as a result of the banking staff. The majority of bank staff are untrained and don't give a sh*t about the quality of advice they give the customer....because they are on the banks payroll so it wont hurt their pockets if the client moves away to another lender.

    Brokers are far more educated, responsible, honest, trustworthy and forward thinking. If we screw it up for the client it can cost dearly. It 's about time groups like this and ASIC seriously looked into the banks behaviour. It's also about time people put up the proof of their comments instead of simply coming out with rubbish like this and just trying to justify their existence.
  • SEQ Broker | 27 Mar 2015, 10:46 AM Agree 0
    Gak. Another industry body attempting to prove with the use of BS that they are still valid. Wind up your useless industry body. Additional, please declare who owns you!
  • Vic Regional Broker | 27 Mar 2015, 11:33 AM Agree 0

    When the bankers are transparent they can call for this!!
    It is more the aggregators need to be transparent about ownership. Oh and Aussie who are an aggregator in disguise !!

    As a broker who chooses to us an aggregator for the purpose of technology and volume reasons, I am still independent, my clients know this and I do tell them who my aggregator is and who owns them. Neil's comments are spot on.
  • AF | 27 Mar 2015, 11:38 AM Agree 0
    COBA members are all friendly societies, the majority of whom do not use brokers, except Heritage Bank & possibly a few others. In fact I would claim that their title is fraudulent, CUSTOMER OWNED BANKING ASSOCIATION. How many Banks do you represent COBA? Typical double speak BS.
  • QEDRisk | 27 Mar 2015, 03:29 PM Agree 0
    I think this just shows COBA's utter ignorance of the industry. Mortgage brokers are nothing like financial planners in terms of their ownership. There is no close alignment to the product manufacturers like there is in financial planning world.

    Mortgage brokers, just step back and take a laugh at these clowns. It's not worth you wasting your breath getting upset by the comments.
  • Michael Kent | 27 Mar 2015, 04:15 PM Agree 0
    A bit rich coming from the BANKING association! What about NAB re-branding themselves as Ubank or First Mac re-branding themselves as
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