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Brokers make up 9% of COSL complaints

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Australian Broker | 09 Jan 2014, 06:21 AM Agree 0
More than 300 complaints were made to the Credit Ombudsman in 2013 regarding the conduct of finance brokers, but the vast majority of brokers still seem to be doing right by their clients
  • Percentages | 09 Jan 2014, 10:36 AM Agree 0
    so we write 42% of mortgages in the country as an industry, but only receive 9% of the complaints. Wow, some Bank staff must be cutting some corners.
  • Gary | 09 Jan 2014, 11:59 AM Agree 0
    I am not surprised. I hope the banks keep up the "good work", if it wasn't for the lack of skills and competence shown by many of their bank staff, there wouldn't be a broker industry
  • Steve McClure | 09 Jan 2014, 12:45 PM Agree 0
    Excellent result considering COSL is completely free, not even legal costs for borrowers to step up and take their best shot at a broker. Lenders performing 10 times worse makes a mockery of those that tell us the error rate of brokers is higher than bank staff. There's no doubt that the most efficient, professional and productive channel in the market, is brokers.
  • Dave Robinson | 09 Jan 2014, 12:47 PM Agree 0
    This seems at odd's with ASIC's view. Interesting.
  • Papery | 09 Jan 2014, 03:16 PM Agree 0
    How could these results possible be right??? Arn't all Brokers crooks, fraudsters & scam artists out to take advantage of all & sundry???

    Quick.....more regulation MUST be needed!!
  • Brisbane Broker | 09 Jan 2014, 04:08 PM Agree 0
    Love to see what % is bank staff if we are only 9%.
  • MC | 09 Jan 2014, 09:07 PM Agree 0
    I agree . Interesting findings & in contrary to recent ASIC actions in focus on brokers. I interviewed a client earlier this month who had been dealing with St George. Through discussion I advised importance of NCCP & full disclosure of liabilities & the fundamental importance of a broker properly analysing the clients needs & objectives. This client had not lodged a tax return for 5 years & was now going to complete that before considering any future lending options. The St George lending officer had not even asked about, & therefore not uncovered this o/s tax position? Isolated case or not, lending officers have sales targets & are focused on that. Until that can be separated from objectively assessing a clients needs, the percentage of COSL complaints have to favour the broker by default!
  • Kram | 10 Jan 2014, 09:59 AM Agree 0
    Am I seeing the figures correctly?... one of the *top* COSL complaints about brokers in 2013 was "appropriateness of the loan", which appears to be 1.5% of *all* complaints.

    Seems pretty good to me?
  • Old Joe | 11 Jan 2014, 07:49 AM Agree 0
    This should be front page news in the business and consumer sections of the newspapers. I know that a lot of stuff ups get cleaned up or swept under carpets in the bank branch world. The problem that I am hearing from the branch world is that because they banks suite of products is limited and also healthy competition with the market with brokers most banks staff have to cut corners and get underwriting to approve deals to get them over the line.
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