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Consumer association to compete against finance/mortgage brokers, WHY?

By: admin|

Consumer association Choice is entering the financial advice area which would see the not for profit organisation compete against the current finance/mortgage broking industry. One may be asking why a not for profit industry would take on the might of the well established finance industry and their reasons are as follows;

  • The quality of  the financial advice according to Choice is appalling
    and amongst the worst in the world
  • The CEO of Choice states that he sits on the
    board for 250 international consumer organisations in 120 countries and states the
    advice given in Australia is amongst the worst

(Source AFR)

So where does this place Choice as an independent organisation by entering the field of competition and what does the mortgage and finance industry need to do itself to lift the standard and performance of its members, if it is proven that the Australian industry advisors are proven to be one of the worst in the world.

ASIC the regulator has done a lot a great work to bring clear guidelines and regulations and as they are adapted along with increased training and education. There is now a greater push for the many players in the industry especially the MFAA who are demanding that to remain a member all finance brokers achieve their Diploma level qualification by 30th June 2012. I feel there will be a strong lift in professionalism and less of a need for the independent body such as Choice to be involved as a competitor but there is always a need for an independent body to keep the industry on the straight and narrow.

The advice giving and regulation has come a long way in Australia in a short time and yes there are many more professions to be caught up in the journey called progress, as mums and dads do not only need to protected from themselves but by the many advisors across many professions.

Any profession that involves advice and or combined with reward will always require supervision and regulation, as there are some no matter what level of education they have, will still try to become a millionaire over night, no matter what the outcome to them or their clients and their clients families, their families are.


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