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Commission should recognise ASIC review: AFG

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Australian Broker | 20 Dec 2017, 08:25 AM Agree 0
The aggregator has called upon the Royal Commission to take into account current inquiries into the broking sector
  • Country Broker | 20 Dec 2017, 09:18 AM Agree 0
    Totally agree , the one thing the industry bodies need to take to the Royal Commission is the current behaviour of the banks in the totally one way and indiscriminate "claw back " policies of the lenders which historically was led by the CBA . Claw backs are necessary t stop "churn" but at present they are indiscriminate and totally one sided , eg what happens if a borrower dies ( it does happen) , or a client walks into a bank branch ( CBA and ANZ in particular) and they are upsold on a totally unsuitable mortgage ( yes it does happen!) and the broker is clawed back ?
    It will be interesting to see if the industry bodies who represent the brokers look to address this behaviour.
  • Old hat | 20 Dec 2017, 11:33 AM Agree 0
    Country broker - they won’t do that. The industry bodies and aggregators are owned by the banks (or in their back pockets). There is nothing in it for them to stand up for us.
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