Rebecca Pritchard posted an update in the group Money And Business 6 years, 5 months ago
Have you been following along with the Royal Commission?
Ahead of the release of the report and government’s response on Monday afternoon, I’m really curious to see how people are feeling NOW about this, after months of findings, periods of no news, speculations, confusion and anxiety.
As an adviser, I’m simultaneously excited and terrified.
Is there anything you’re hoping to see in there?
https://www.smh.com.au/business/banking-and-finance/frydenberg-flags-in-principle-support-for-hayne-s-bank-blueprint-20190131-p50uvo.html
Yes. The Royal Commission has finally released the final proposal report. After four years in finance, Superannuation and Insurance and a small dose of banking – they all need to make sure their mindset is focused on prioritising the customer. Plus, the general mindset around money needs everyone’s attention.
Amen to that! Respecting the customer is where it all needs to start. I’m looking forward to seeing the implementation of many pieces of this report.
What were your thoughts about the changes to mortgage broking, and paying for that advice upfront?
I haven’t had much exposure in that area but i can see where The Royal Commission is coming from. The fear of brokers being paid out to market more of their home loan products. Although from my experience and friends of mine, we are happy to pay for the service. The brokers are the middle men in the industry and they need to make sure the industry is competitive..
As a side note, the report indicated there was less than 1% of complaints regarding brokers. I really think the focus is on the wrong subject here. It’s superannuation and insurance processes we should be looking at and the misconduct of banks.