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MFAA speaks out on clawback 'paradox'

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Australian Broker | 20 Apr 2011, 06:00 AM Agree 0
Clawbacks under the DEF ban send brokers mixed messages about helping clients switch lenders, the MFAA has said
  • Tony Spies | 20 Apr 2011, 01:54 PM Agree 0
    I like where this argument is going, we clearly need to legislate the banning of claw backs AND DEFs
  • Phil | 20 Apr 2011, 05:28 PM Agree 0
    Yes, just like the MFAA argued against 30% commission cuts and the burden of broker compliance with ASIC. There is nearly a 30% reduction in broker numbers for a reason. Still NCCP compliance is being drafted with sloppy guidelines and compliance. Take at look the FSA website in the UK. MFAA an irrelevant joke.
  • Spinner | 20 Apr 2011, 09:02 PM Agree 0
    Call it a paradox or whatever. Why should a broker who does all the work in originating a loan carry the risk of the clawback when a consumer makes a decision. Does a real estate agent pay back their commission just because a family decides they need a bigger house???
  • Alex | 21 Apr 2011, 02:02 AM Agree 0
    MFAA is not a joke, they do a lot of work at the back ground, I think is about time to do something that all brokers can see. The only fact I can see from MFAA is my renewal bill.
  • Ozboy | 21 Apr 2011, 09:25 AM Agree 0
    "As the DEF ban comes into force, Naylor said the MFAA will advocate for brokers if clawbacks begin to become a common occurence." It already is Mr Naylor, time to advocate and I would suggest you do this loudly so brokers can see what the MFAA is doing for them.
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