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ASIC’s broker shadow shop “imminent”

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Australian Broker | 24 Mar 2017, 08:25 AM Agree 0
A national aggregator has confirmed that the proposed shadow shopping of Australian brokers should be starting soon
  • Sally Field | 24 Mar 2017, 09:29 AM Agree 0
    Well if they're going to mystery shop brokers, they better take an actual product.
    Hare dare they waste people's time otherwise when people have a business to run.
    Also these bureaucrats who are doing the mystery shopping will not get the full experience during the process through settlement and beyond. Any broker can recommend a product that's not unsuitable by ticking a boxes in a software platform.
    However do they know credit policy, do they update the client, do they make sure the clients accounts are set up, do they review their clients annually. These people better be doing this properly before they make any decisions around commissions.

    They need to go through the whole experience to see what value brokers really add. Not just a 1st appointment and they should shop both experienced and new brokers.
    • Adam West | 24 Mar 2017, 02:50 PM Agree 0
      The review will be "shadow shopping" not "mystery shopping"

      Shadow shoppers are real consumers, the study will be done on the back of the outcome so not as time wasting as mystery shopping would be.
  • Dave Robinson | 24 Mar 2017, 09:31 AM Agree 0
    Firstly bye Monique we will miss you and secondly this comment by Mark "Any industry that is regulated to the extent that we will have constant reviews.” Um I am not sure about that (you wouldn't be sucking up to ASIC...would you?) I don't see the banks getting the reviews that we do, sure some interviews in Canberra every couple of months but no reviews let alone CONSTANT. Yes you could argue that FP's get a bit but only because of the scandals not sure we as an industry have had anywhere near the scandals they have yet banks as a whole don't have reviews just investigations when the whistle blowers let loose.
  • try it | 24 Mar 2017, 02:16 PM Agree 0
    Ha ha ha. I will charge them a fee for being a time waster if they shop me (after I give them my quote and credit guide of course). I will also report them to the police if they give false information.
  • Land of Oz | 30 Mar 2017, 11:59 AM Agree 0
    You won't even know they are doing this. They will waste our time and then simply not proceed to do anything, which is what government is best at! In fact, thats about all they ever do. LOL
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