{"id":19033,"date":"2019-01-16T15:45:17","date_gmt":"2019-01-16T04:45:17","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/goldenplains\/?p=19033"},"modified":"2019-01-17T08:31:13","modified_gmt":"2019-01-16T21:31:13","slug":"royal-commission-wont-sink-the-titanic","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/goldenplains\/real-estate\/royal-commission-wont-sink-the-titanic\/","title":{"rendered":"Royal commission won\u2019t \u201csink the Titanic\u201d"},"content":{"rendered":"

NO major reforms will emerge from the royal commission that will \u201csink the Titanic,\u201d claims the managing director of the Finance Brokers Association of Australia.<\/strong><\/p>\n

In a report from The Advisor Magazine, the finance industry is eagerly awaiting the release of the royal commission\u2019s final recommendations on broker remuneration.<\/p>\n

The managing director of the Finance Brokers Association of Australia, Peter White, said that he firmly believes that \u201cwe\u2019re not going to be seeing anything that will sink the Titanic by any means, but there\u2019s still a bit of nipping and tucking that\u2019s going to happen.\u201d<\/p>\n

\u201cYes, there\u2019s going to be a little bit of change, we\u2019ve already seen it with things like negative offset and there was always going to be minor tweaks here and there, but nothing major,\u201d he said.<\/p>\n

\u201cBrokers will still be able to run their business and earn their income after those reforms come in.\u201d<\/p>\n

Mr White noted that, based on his discussions with ministers from the Liberal and Labor parties, the government is more interested in facilitating cultural changes in the financial services sector than introducing regulatory reforms.<\/p>\n

\u201cI think the thing we need to focus on is that, culturally and ethically, the way we conduct business is sound and solid, because this is where the banks have lost their traction and we don\u2019t want to fall into the same trap,\u201d Mr White explained.<\/p>\n

\u201cI don\u2019t think there\u2019s systemic cultural issues within the broking sector, there are always pockets of people who do wrong, and those people need to be thrown out, but that\u2019s a part of business and everyday life.\u201d<\/p>\n

He also pointed out that changes to credit policy in the aftermath of the royal commission should not be dreaded, because \u201cit happens all the time\u201d and \u201cbusinesses should be ready and adaptable for any changes.<\/p>\n

\u201cI know a major group that has a number of aggregators under its banner that has seen something like 10,000 changes in credit policies in 12 months.<\/p>\n

\u201cChanges in credit policies is something we always need to be prepared for, no matter what caused those winds of change,\u201d Mr White said.<\/p>\n

\u201cWhen people talk about loan applications and so forth, these things all have to be spot-on, unquestionable and able to stand the test of any scrutiny.\u201d<\/p>\n

According to Mr White, the broking industry should not be \u201cwaiting for the storm to pass\u201d but should be \u201clearning to dance in the rain.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

NO major reforms will emerge from the royal commission that will \u201csink the Titanic,\u201d claims the managing director of the Finance Brokers Association of Australia. In a report from The Advisor Magazine, the finance industry is eagerly awaiting the release of the royal commission\u2019s final recommendations on broker remuneration. The managing director of the Finance […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":129,"featured_media":19034,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[29],"tags":[],"post_folder":[],"class_list":["post-19033","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"\nRoyal commission won\u2019t \u201csink the Titanic\u201d - Golden Plains Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/goldenplains\/real-estate\/royal-commission-wont-sink-the-titanic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Royal commission won\u2019t \u201csink the Titanic\u201d - Golden Plains Times\" \/>\n<meta property=\"og:description\" content=\"NO major reforms will emerge from the royal commission that will \u201csink the Titanic,\u201d claims the managing director of the Finance Brokers Association of Australia. In a report from The Advisor Magazine, the finance industry is eagerly awaiting the release of the royal commission\u2019s final recommendations on broker remuneration. 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