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Final report ‘ignores systemic issues’

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Australian Broker | 06 Feb 2019, 01:13 AM Agree 0
The recommendations only tinker around the edge of a broader crisis
  • JD | 06 Feb 2019, 02:38 AM Agree 0
    Maybe it's time to call for a Royal Commission on the Royal Commission.
  • Paul | 06 Feb 2019, 08:58 AM Agree 0
    It is clear Kenneth Hayne is brilliant with law, but very poor with commercial reality.

    After reading his report, I note he failed to address the long term problems created by the major banks, no mention of removing vertical ownership, left it with ASIC and APRA for possible prosecutions and then turned on the broker industry without an understanding of the sector.

    He has a low personal profile, although his wife is a High Court judge. Perhaps living in inner Melbourne around the Victorian Market may indicate some of his personal leanings -I might be off track but perhaps he has a personal banker at CBA
  • Paul | 06 Feb 2019, 09:54 AM Agree 0
    and perhaps he has a few shares in the banks!
  • John | 06 Feb 2019, 10:50 AM Agree 0
    Kenneth Hayne a son of a "Banker", attending a top Melbourne private school, certainly provides the right credentials to know what a broker deals with on a daily basis.
    The government had to appoint someone, might of helped if he and the government did their homework first in all areas on the industry before forming an opinion from testimonials. What other industries in Australia or the world have been turned upside down from a small percentage of complaints (referring to broker complaints)?? I thought this was a RC into banking not brokers!!
    I don't know too many industries that would provide a service and assistance for free, yet we do. The amount of time we have had customers just enquire and deals that can not be bought by lenders. The amount of work to be done within these deals plus to assist with SME's trying to obtain personal mortgages. There are countless stories from thousands of brokers with service and assistance to help a clients in need and with no remuneration, that's what we do Mr Hayne.
    I always ensure my clients are happy with their product and encourage them to contact me if they feel any need to change or revisit the deal, that's what we do, because trail makes us extra accountable for our client. Not just the top service we provide at the start and during the term, but a good way for any industry to provide the best service to clients...Who is the winner in this?
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