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FoFA deserves close watch, says MFAA

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Australian Broker | 24 Apr 2012, 06:00 AM Agree 0
Commission bans for financial planners under the Future of Financial Advice (FoFA) reforms deserve to be closely watched in case of future moves to include brokers, the MFAA has said
  • ozboy | 24 Apr 2012, 10:11 AM Agree 0
    Sounds like someone is trying to justify their existence by flagging something that isn't even on the radar. Talk about the sky is falling!
  • Country Broker | 24 Apr 2012, 10:23 AM Agree 0
    Oh Please by all means keep te quiet behind the scene lobbying going but stop the public comments if its not on the politicans radar keep it that way with silence. The whole concept is different from afinancial planner we do not handle peoples savings or investments are NOT paid from the earnings on those funds , financial planners are. It is a cost impost on the lenders not the borrowers, the borrower is actually receiveing a service from a brokers that alender actually ends up paying for .
  • Ken Crawford | 24 Apr 2012, 10:36 AM Agree 0
    The Exit fees ban was never going to change anything as we all knew long before that how easy it was to change - or not as the case may be. that was a govt furphy making it look like they were doing something. the real cost is the interbank transfer fees - thats the banks profit line. I agree let sleeping dogs lie - dont give the politicians any ideas.
  • DangerDavo | 24 Apr 2012, 10:36 AM Agree 0
    What do they say! Be careful what you wish for! Flagging this means it is probably already on the banks and the MFAA's agenda!
  • Damien | 24 Apr 2012, 01:11 PM Agree 0
    We should all be very cautious of ANYTHING that the MFAA is involved in. Sad , but very true.
  • JIm Of Perth | 24 Apr 2012, 02:43 PM Agree 0
    The issue would be of greater concern to the Aggregators.
    It would be difficult, if not impossible to control the flow of funds.
  • sidbroker | 24 Apr 2012, 03:00 PM Agree 0
    There simply would no longer be a Broker Network, No Agregators, no MFAA or FBAA. Quite a few ASIC staff would no longer be needed either as they would not have anyone to rule over.
  • Bretto | 24 Apr 2012, 03:08 PM Agree 0
    Like we didn't see that one coming! Unless we negotiate wholesale lending from banks without commissions, all that will happen is same rate offered to client, no income to the broker. Will the banks pass on the saving from not paying broker commissions? No way, same as its financial services products still cost the consumer the same amount. Good on you MFAA this will be yet another stuff up. I am not sure why you charge brokers membership when you work for the banks?
  • Damien | 24 Apr 2012, 09:44 PM Agree 0
    Just join CBA Phil and be done with it!
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