Originally posted by taughtbuffet
@Stanky
you miss my point
if the mortgage broker works for ANZ, NAB, WBC and CBA, but does not work for RAMS,
and RAMs has the best deal, and the mortgage broker knows it, is he or she breaking the law by not sending all their customers away to the opposition and going broke?
cause if he doesnt send his customer to RAMS then he isnt working in the best interest of his customer
I take your point but I think the recommendation refers to the lenders to whom the broker are aligned. A broker would make a customer aware from the beginning which lenders they are aligned with. The customer should then be recommended the loan that best suits them from the list of available lenders.
Most of the recommendations in the report are akin to getting whacked with a wet lettuce leaf. I can't see too much changing when the system gets hit with harsh recommendations such as "All financial companies should assess their own culture and governance."
