The maturity of the discourse surrounding the royal commission recommendations has a highly-regarded CEO feeling optimistic about the trajectory of the industry.
Lisa Claes, CEO of CoreLogic International, said, “If nothing else, the royal commission has brought all the stakeholders to the table, and I think that’s of value. It’s been a productive conversation.”
Claes noted the “common sense” pullbacks that have already been evidenced in regards to governmental implementation of the proposed changes, and expressed confidence that the industry is headed in a promising direction.
According to the CEO, people need to remember that “recommendations are recommendations. Intrinsically, they are there to stimulate further debate, reflection, and analysis.”
“You never look at these recommendations singularly. They’ve got to be looked at within the context of their ecosystem. The collateral consequential impact of if a singular recommendation is adopted,” she explained.
According to Claes, many of the changes proposed by the royal commission addressed “a lot of legislative and prudential framework that was already in place.”
She cited responsible lending as an example.
“We don’t need an ultra-responsible lending framework,” she joked. “It’s a matter of adherence,”
Looking forward to the May election, Claes knows that either party will be eager to “make their mark” on something as important and relevant as the royal commission.
However, she doesn’t see cause for alarm, regardless of the outcome.
Claes explained, “You’ve got to trust. We’re living in the age of the costumer. Ultimately, if you serve that key stakeholder and that key stakeholder has a lot of power in the commercial equation, then the outcome will follow.”
If brokers focus on providing the best service possible to their customers each day, Claes believes the broader issues will resolve themselves.
“Both political parties also serve people, their customers. It would be a very brave politician to launch policies that are totally incongruent to a majority of its customers’ desires and needs,” she concluded.