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Unqualified advice a growing problem, warns FBAA

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Australian Broker | 05 Apr 2016, 08:00 AM Agree 0
The FBAA is warning brokers about offering unqualified advice which isn’t covered by their Professional Indemnity insurance
  • | 06 Apr 2016, 02:55 PM Agree 0
    I find it interesting that this article appears on a page where the advertisement above it is from CoreLogic promoting property information for Brokers to be up to date and to provide property information to its finance broking clients. Peter White is timely in his warning as we are seeing more and more Finance Brokers wanting larger "Referral Fees" for sending their clients to a trusted investment property partner. My stated position as a trusted investment property partner is that I do not pay Referral Fees or commissions. We cannot be called professional when we buy and sell our clients information. I certainly would not trust my GP if I believed he was receiving a fee for referring me to a Specialist. I also would have a question over the Specialist as well because I would have some doubts about whether they were the best to fix my ailment or were the highest referral payer. The credit from your client for referring them onto another specialist to take care of them is rewarded in doing the best for your client which results in repeat business and isn't that what we all want?
    Wayne McPhee
    Buy Australian Properties Brisbane
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