Banking Royal Commission results

Thanks tofubiscuit.

I suspected it'd be a massive doc (530 pages!) but at least Acrobat/PDF allows for a 'Ctrl-F' keyword lookup so I can cut to the chase of the things I really want to read about

Time to start digging.

 

...so far, based upon what I've read, I'm struggling to see anything that points towards lending being tightened or loosened.

But borrowers having to pay for mortgage brokers will def see less people going through brokers.... and if so, possibly a few who'll go 'this is all too hard' and subsequently opt not to proceed with a loan application, not choose to refinance etc etc

 

I just read through the recommendations.

Government said it will review the broker business recommendations, as it will impact competition.

There really isn't much there.....

 

Trail gone
Bad news for the consumer, the monopoly will give the big 4 free reign to gouge
We'll see how all these people that wanted this RC feel about it over the next few years.
Second tiers on non banks will be big losers. Competition dead

 

Some good bedtime reading..

 

They already adopting banning commission from 2020, trailing and other commission are over in 2 years watch the live coverage

 

Too many people employed in broking business, I just can't see it happening.

 

Duke wake up it been announced and adopted -

 

I can understand wanting to impose stricter regulations on brokers but remuneration ban from Banks and clients having to pay is very detrimental to consumers.

 

A big nothing then, lot of noise, quite a waste of time&$.Regulating agencies are still captured.Culture will not change

 

@Deck That's a real shame. Plenty of good brokers who have a place in the market

 

Totally agree, brokers are certainly not the problem, many are extremely competent and indispensable

 

Financial Review saying that this is not the case:


From article :

The federal government has agreed to adopt 75 of the 76 recommendations made by the Hayne royal commission but has baulked at fully implementing a suggested crack down on mortgage brokers, claiming it would harm competition.


Banking royal commission: Coalition rules out broker crackdown

 

I'm just thinking about the guys who left their current profession and took up mortgage broking business during last 2 years or so..

 

It was written all over the old fools face. Didn't need to read the report to know what was coming

 

Plenty of competition from smaller banks

 

Wow, the royal commission let the banks off lightly.

 

Certainly, some interesting recommendations coming out of the Royal Commission and I see the current Govt has stated they will address all points.

A link to the Reports for those of you who haven't see the nitty-gritty.

Cheers

 

I was expecting more comments on the introducer side but it turned out he only lightly mentioned it.....