Banking Royal Commission results

Discussion in 'Property Market Economics' started by Ronald86, 1st Feb, 2019.

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  1. The Y-man

    The Y-man Moderator Staff Member

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    ... while doing the "poor me, poor me" thing on TV.....

    The Y-man
     
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  2. Redwood

    Redwood Well-Known Member Business Member

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    My aggregator - Connective - done a webinar Q & A today. It was very underwhelming to tell the truth.

    There should be a release in the media in the next couple of days, however from what I have seen from MFAA, FBAA and today, there is a reason this recommendation came through. We need some serious lobbying - Donald Trump style to win this one.

    I play to communicate with my clients - it would be great if our aggregators helped with a template email. Instead they are saying just communicate....

    Any other comments from brokers from other aggregators?

    Remember, this model will mean aggregators are dead.

    Cheers Ivan
     
  3. marty998

    marty998 Well-Known Member

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    Another one bites the dust....

    NAB CEO Andrew Thorburn resigns, Ken Henry to follow
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Power struggle :)

    good over evil.

    CBA investors advisory board and UBS told Comm to get rid of brokers 3 years ago I think.....................way too much power in the hands of the people.

    ta

    rolf
     
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  5. Redwood

    Redwood Well-Known Member Business Member

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    MFAA response- think they underestimated this report and may be too little ... too late
     

    Attached Files:

  6. MC1

    MC1 Well-Known Member

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    Your broker behind you | Support your industry
     
  7. willair

    willair Well-Known Member Premium Member

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  8. thydzik

    thydzik Well-Known Member

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  9. Redwood

    Redwood Well-Known Member Business Member

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    Tom Elliot is pushing hard to support brokers on 3aw.......very good.

    Cheers Ivan
     
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  10. Redwing

    Redwing Well-Known Member

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    Perth

    upload_2019-2-12_16-3-8.png
     
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  11. Eric Wu

    Eric Wu Mortgage Broker Business Plus Member

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    the industry body, MFAA & FBAA are doing lots of media interviews ATM to spread the message out, and the current petition is at 69,099 as we speak.
     
  12. Terry_w

    Terry_w Mortgage broker licenced 4 tax/legal advice Business Member

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    That's about the number of brokers in Australia!
     
  13. willair

    willair Well-Known Member Premium Member

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    It may well have a cumulative and negative effect when you look at that number ,misery for some a cornucopia of riches for others as no market works in a vacuum ;everyone competes with each other forms of investment for the available supply of funds and who supplies those fund..The dice are already loaded on this one..
    [​IMG]
     
  14. Terry_w

    Terry_w Mortgage broker licenced 4 tax/legal advice Business Member

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    I was exaggerating. There are about 16,000 brokers - or there were in 2017 - according to the MFAA:
    The IIS Report has revealed the number of finance brokers in Australia has grown by 3.3% to just over 16,000 (in the six-month period October 2016 to March 2017), with more than 500 new brokers joining the industry in the reporting period
     
  15. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    The 16000 figure includes a lot of people who are registered as brokers, but it's not really what they do. If you look at other stats such as average income & number of loans submitted, you can draw the conclusion that a lot of these people aren't actually actively working in the industry. It wouldn't surprise me if as many of half the 16k figure drop out simply because it's not really what they do.
     
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  16. Eric Wu

    Eric Wu Mortgage Broker Business Plus Member

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    now, you are starting to make sense
     
  17. paulF

    paulF Well-Known Member

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  18. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Good luck with that. The banks can afford better lawyers than the government can. Ever wonder why ASIC leans to 'enforceable undertakings' rather than the courts?

    Labor is just saying what's popular.
     
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  19. sqe

    sqe Member

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    CBA are substantial holders of Mortgage choice (ASX:MOC) and have been offloading shares. Not a positive sign for brokers
     
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  20. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Clearly they stand to loose a lot by brokers moving to a fee for service model.

    Given that they suggested and are backing the proposal, it makes you wonder how much they have to gain?
     
    Last edited: 13th Feb, 2019 at 2:25 PM