When it comes to the issue of client verification requirements, ASIC has been upping the ante in what it expects from brokers.
First Street Home Loans broker, Cliff Ferrer, tells BrokerTV that while regulatory guidelines have certainly become stricter, they’re ultimately in place for the right reasons.
“We’re in an industry that’s more and more regulated as we go on. I mean, maybe five, six, ten years ago…you definitely could get away with a lot more than you can now. And I think it’s a necessary thing to make sure we protect the interest of both our clients, as well as the banks.”
To view the full interview with Cliff Ferrer and Gadens partner, Jon Denovan, click here.