Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Brokers 'foolish' to shrug off FoFA

Notify me of new replies via email
Australian Broker | 31 Aug 2011, 06:00 AM Agree 0
The Future of Financial Advice regulations could eventually impact the mortgage broking industry, it has been claimed
  • Jeff Mazzini AAMC | 31 Aug 2011, 11:24 AM Agree 0
    Support Franchitto's comments here as ASIC the regulator has now recognised credit as a product in line with, investments, insurance and advice. They are also targeting other professional advisors once they have bedded down the retail credit advising and one would certainly understand that given the products as above are under their supervision, then it’s only natural they will expect the same outcomes to protect the clients.
    It’s not such a bad journey ahead and it’s better to roll with the punches now and adapt your business model for what the end result will look like. Your clients will be impressed and yes your business value and resale model becomes a more viable proposition.
  • Terry Stevens | 31 Aug 2011, 12:51 PM Agree 0
    mortgages are totally different to managed funds. therefore I cant see how you can draw a comparison between financial planning and mortage broking. if the market changes your mortgage doesn't increase or decrease as would a managed fund.
    I also cant see how a mortgage broker could be held responsible for a client not being able to meet their financial commitments in regards to their mortgage due to their own stupidity.

Post a reply