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Consumers fear brokers 'have their own interests at heart': ASIC

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Australian Broker | 12 Sep 2013, 07:00 AM Agree 0
ASIC's annual stakeholder survey has revealed a key issue behind lagging consumer confidence is the continued belief that 'gatekeepers' act in their own best interest
  • mac | 12 Sep 2013, 10:22 AM Agree 0
    We / ASIC have to decide if we are advisers or brokers. Me personally I think we do both but I really don't want to be burdened with the official title of "adviser" as that implies we have to act in the clients best interest at all times which is not possible with the way we get paid and the way some lenders are not available to deal with brokers. THIS IS NOTHING TO BE ASHAMED OF. At the end of the day the consumer / investor needs a product and we offer a selection. We may also give advice on credit structures etc but which can be many times more valuable than a few basis points but that is not product / lender specific.
  • Keith of the West | 12 Sep 2013, 10:36 AM Agree 0
    Typical government bureaucratic philosophy and tax payer funded thinking!.

    I cannot see one of then joining our industry and being tied to commission based income against the security the have every fortnight that their pay cheque is deposited to thier account
  • hmmm | 12 Sep 2013, 11:06 AM Agree 0
    That's weird......none of my clients were asked for their opinion....go figure..
    One curious point. If they thought that, why were they using a Broker?
    These are the types of surveys you do when you want to change something, and need a justification. Governments do it all the time; you say you've done a survey, and conveniently always get the result you want, so you can implement the decisions you were going to do anyways. And the best part is no one ever gets to see the results of the survey to legitimize the data.
  • Old Country Broker | 12 Sep 2013, 11:23 AM Agree 0
    Ok, so please explain how a bank officer only offering their employers products can be acting in the best interest of the client. Surely presenting a wider option of lending and lifestyle options that we do is better for the client. Am I missing something here ASIC??
  • General Relative Commentry | 12 Sep 2013, 11:31 AM Agree 0
    I wish ASIC would regulate ALDI, quite often I go there and their selection is very limited. I think the whole supermarket chain is more interested in an operating profit versus a product range. I have the option to go to market with my day to day grocery shopping but I'd much rather government regulatory authorities change and manage the shops to ensure that have all and any product available to me as opposed to me having to actually do the shopping part of my own responsible decision making.
  • Consumertoo | 12 Sep 2013, 11:46 AM Agree 0
    I wish ASIC would get involved with regulating the ALDI stores, I shop there and I'm totally of the opinion that their product range is based on profit and not my well being or desires for a greater product range
  • Papery | 12 Sep 2013, 12:30 PM Agree 0
    The question was about access to advise....50% or less of those surveyed did not have access to advise & then the article mixes that up with issues concerning reliability of advise...I think the article is poorly constructed.
    Sounds like our industry bodies need to do a better job of advertising how & where consumers can get the advise, ie an ongoing high visability consumer awareness campaign by MFAA/FBAA/Aggregators etc....
  • Broker | 12 Sep 2013, 02:43 PM Agree 0
    Looks like it's time for ASIC to conduct a survey on what real people think of the predictable stupidity that comes out of ASIC on a day to day basis.

    They may well discover that most people can think and make decisions for themselves, shock horror!
  • sillby | 12 Sep 2013, 09:56 PM Agree 0
    you can survey any result
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