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Woolworths' banking claims run afoul of APRA

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Australian Broker | 25 Jul 2014, 09:53 AM Agree 0
As supermarkets edge closer and closer to the mortgage market, one has been taken to task by APRA already
  • RaceToTheBottom | 25 Jul 2014, 10:57 AM Agree 0
    Only some parts of the Financial Services industry are actively regulated. Online Banks and Online only brokers only pay lip service to any serious AML process, Identification of customers and certification of payslips & bank statements. They do not meet the customer, do not visit client homes or see original documents. Faked certification by someone claiming to be a pharmacist or the like is accepted. The cost savings of these cheap online only providers is being used to offer lower rates or refund commission, and to drive the honest and hard working broker out of business. Now with the supermarkets getting in to do to broking what they have done with fuel retailers will be interesting. Where they are going to get good financial advisers from will be interesting. Then again, they don't seem to care for quality, if their produce is any guide. The ACCC seems to regularly have issues with the major supermarkets ethics and misleading advertising.
  • Andrew Edwards | 28 Jul 2014, 08:33 AM Agree 0
    Your Coles and Woolies checkout will look and feel similar to a bank teller. "That's a great discount on your margarine Mrs Smith would you like to see someone about your home loan?"

    Interesting times ahead.
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