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Small lenders fighting majors with 'one hand tied behind our back'

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Australian Broker | 29 Oct 2013, 07:00 AM Agree 0
A regional lender has claimed it is fighting with "one hand tied behind our back" as regulation favours bigger players
  • SIDBROKER | 29 Oct 2013, 09:09 AM Agree 0
    Isn`t that interesting. Brokers are trying to stay in the business with one and or two hands tied behind their back. The handicap is called NCCP. The most disgraceful peice of regulation in a so called democracy.
  • Well.... | 29 Oct 2013, 09:14 AM Agree 0
    Much of the regulation was put in place with consultation of the big 4. Those involved in the regulation regularly consult with the big 4 on how to implement certain items, and indeed what to implement - even placing themselves in the same building in some cases.

    Hence the reason the paperwork keeps doubling, as the big 4 try to eliminate all risk.
  • Country Broker | 29 Oct 2013, 09:39 AM Agree 0
    While I have issues with The Bendigo at times , The comments are spot on , the playing field is not level !!
    The big 4 have managed to influence the governments of the day for some time especially with regards to APRA regulations and compliance with the NCCP legislation.
    I am sure the big 4 and probably the regional banks would like to see brokers gone from the market place but they know it will not happen. Then they decrease commissions , BUT market forces will prevail !! They will never be able to provide the level of personal service that the Broker can, they simply do not have the systems to do it.
  • Bob La'Frenais | 29 Oct 2013, 09:50 AM Agree 0
    The NCCP is like most Legislation enacted by the previous Government 'Great Intentions ' but totally destructive implementation. To have ASIC as the regulatory Body overseeing the compliance of the industry to the Legislation is a guarantee to forcing the industry to focus on compliance issues more than it does on doing business. The Earth's Forest's will be depleted at an even faster rate as the incredible hunger that ASIC has for paper has already seen the amount of paper required more than triple. Regulation is another word for RESTRICTION and clearly the as always with a Labor Government BIG BUSINESS and BIG UNIONS are the ones who win.
  • Steve McClure | 29 Oct 2013, 03:37 PM Agree 0
    Welcome to our world Hirsty! Problem is, all lending institutions were happy to shove through the legislation to get rid of those "rogue brokers" instead of examining issues of competition and productivity. Now you complain.
  • Haydn Cooper | 30 Oct 2013, 10:39 AM Agree 0
    To put the record straight, as one of the Representatives on the Treasury Industry Working Group, some of us were very much aware that the NCCP created two tiers of credit regulation that clearly favoured the ADI's. You only have to look at the ADI exemptions to see them. We repeatedly called for a level playing field in our submissions to Treasury and made the then Opposition aware of it but they were all ignored.
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