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

'They get hit with a bill and they hate you': Jon Denovan on clawback dos and don'ts

Notify me of new replies via email
Australian Broker | 29 Aug 2013, 05:00 AM Agree 0
While charging clients clawback fees may be becoming common practice, brokers still need to ensure they're doing the job properly. Jon Denovan explains
  • Neil | 29 Aug 2013, 10:28 AM Agree 0
    Please clarify - how can you provide a quote upfront prior to providing "credit assistance" if you don't know what "credit assistance" you are providing - product, rate and lender etc?
  • Old Joe | 31 Aug 2013, 05:56 PM Agree 0
    Jon thanks for this information . Will a terms of trade agreement clearly pointing out that the client can be charged for the clawback and also that the client signing the agreement before proceeding with a broker and also will this comply with the Consumer and Competition ACT 2010. I want to know is why does our industry of all industry seem to be the ONE industry that can not do this and how does our industry differ from any OTHER industry under Consumer Law. Last time I checked as long as we are fair and reasonable the magistrates should see that we are as transparent as we can be , no one is trying to stiff anyone. In fact a leasing company charged me a breakout fee because I payout my lease before the 48 months agreement .
  • mac | 02 Sep 2013, 10:51 AM Agree 0
    @ Neil....Note the fee in your credit guide (given when it becomes apparent you will be providing credit assistance) then include the fee in your "Quote and credit proposal disclosure document" along with the product specifics and commission disclosures etc.
Post a reply