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Broker/client relationships could be hurt by proposed ID changes

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Australian Broker | 09 Feb 2015, 09:06 AM Agree 0
A leading solicitor says the changes to rules regarding verification of identity will create problems for broker/client relationships
  • Judy West | 09 Feb 2015, 09:31 AM Agree 0
    Thank you Jon Denovan. Where would brokers be without your experience and expertise?
  • Coast Broker | 09 Feb 2015, 09:59 AM Agree 0
    Yes, thankyou Jon Denovan. They say red tape is designed to make life difficult and this is certainly the case.
  • Andrew Stoodley | 09 Feb 2015, 10:34 AM Agree 0
    There must be some serious levels of fraud happening somewhere? Current VOI already seems unreasonable given I have never had an ID issue in 25 years of lending.
  • David Vickerman | 09 Feb 2015, 11:14 AM Agree 0
    Yes thank you Jon - too much bureaucracy making business tougher / more difficult.... as usual. Surely they have other items to be more concerned about?
  • Vic Regional Broker | 09 Feb 2015, 11:34 AM Agree 0
    Great service again by Jon Denovan and the MFAA. Really we are dealing with Public Service committees her who have NO idea of the reality.

    Yes we need to guard against fraud at all levels. Are we going to have to go back to the bad old days of certified ID?

    I hope, fraud can happen by brokers and more importantly within the banking systems, lets us a common sense approach to all of this.

    It really reminds me of the introduction of the NCCP where the proposed and reality were not ( thankfully) the same!

    Where would brokers be without Jon Denovan?
  • annon | 09 Feb 2015, 04:47 PM Agree 0
    For brokers with clients interstate, myself included, this is a very worrying development. MFAA please step up. I sent a client to a branch to be ID the other week and the branch tried to snaffle the deal. This is really bad.

    P.S. How are interstate/online lenders satisfying safe harbour requirements?, Ubank, ING, online brokers et al?
  • Newbie | 09 Feb 2015, 11:10 PM Agree 0
    Hi All, appreciate this may not be the correct forum but would like some guidance and opinion on which side of the fence to swing to when it comes to aggregator groups.

    I'm new to the industry and have had chats to both sides. It seems that with a franchise group you pay for the privilege of a brand and minimal or no leads. The group I spoke to made it clear that leads are once in a blue moon type of event. That's fine but it led me to the path I'm thinking of going down now which is a non-branded group with great software and back compliance support. If I have to use my own networks and generate leads why would I want to give a substantial amount to a franchise when I can use a non-branded aggregator.

    What am I missing? Any advice is appreciated!

  • Dave robinson | 10 Feb 2015, 09:38 AM Agree 0
    Newbie you are on the right track, your mission (if you should choose to accept it) is to find an aggregator that has "great software and back compliance support". Good luck.
  • Papery | 10 Feb 2015, 11:53 AM Agree 0

    A Franchise & an Aggregator are not necessarily one in the same nor do they provide the same services.
  • CharlieX | 15 Feb 2015, 09:33 AM Agree 0
    to write a loan for a client without see the client, doesn't seem to make sense? you might as well write a loan for your dog, cat, etc if these animals have incomes to service the loan? whatever happen to the common sense that you meet the client when he/she comes to do the loan application, and you meet the client at the signing of accepting the loan with the lender?
  • annon | 16 Feb 2015, 09:08 AM Agree 0
    @ write a loan for a client without seeing the client, doesn't seem to make sense? Have you ever done it? Try it and you would be surprised how similar a process it is. 30 minutes face to face tells you nothing that can not be done over the phone / email and a good fact find document.
  • MYRR | 16 Feb 2015, 01:23 PM Agree 0
    What if all this verification could be done by a third party appointed by the govt with little red tape at the client's home? Let's consider the proposed solutions before we get over excited. And Fraud is not the only issue being addressed here.
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