breaking news

Broker share to top 50pc

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Monday, 28 November 2011

Brokers should see their market share eclipse 50 per cent over the coming few years, thanks to NCCP.

Speaking to The Adviser, Advantedge's general manager of broker platforms Steve Weston said the new legislation had helped improve the way brokers were viewed by borrowers.

While brokers have always had a very strong service proposition, Mr Weston said legislation had helped brokers promote themselves as true finance professionals, which should help them grow their distribution.

"Bank branches will always struggle to compete against brokers, especially in today's legislative environment," Mr Weston said.

"Brokers have a choice of loans, they have expertise and they now have a very strong service proposition that includes the giving of financial advice.

"It is for these reasons that I expect brokers to see their market share grow in the next few years, and there is nothing to stop it growing beyond 50 per cent."

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+1 #6 Bob 2011-11-29 16:09
The NCCP is another classic illustration of Govt and Beaurocrats being ideologically motivated that they alone know what is best for the public. They believe that Legislation is the way you fix any problem. We who live in the real world know that Legislation generally creates more problems then it ever fixes. Intentions are are a poor substitute for practical reality. But then it would mean that we would actually have to have decision makers who actually knew what they were doing.
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-2 #5 No Advice 2011-11-28 12:37
"Brokers have a choice of loans, they have expertise and they now have a very strong service proposition that includes the giving of financial advice"
Really, Steve??????
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+3 #4 GTX560ti 2011-11-28 11:43
NCCP, has done nothing to improve brokers position. It now takes me 3 times as long to write the same loan, and even worse if the deal gets decline by the lender, all the extra work for NCCP for no pay. My experience with my customers under NCCP and having to explain all the new forms & regs, they think it's a load of bs, especially the ones that how been with me for over 10 years.
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+3 #3 David 2011-11-28 11:33
I also agree with Paul and Allan. The NCCP is extremely vague and not precise in what it is trying to achieve. This vagueness means we brokers are completing more forms for no real purpose and hence wasting a lot of extra time. Most consumers think it is an overkill in wasting time and resources. Hopefully our industry bodies will argue to reduce some of the paperwork requirements in time once they realise there is actually no real benefit. I have been arranging loans for 28 years and think the NCCP has only added a burden to most brokers. Not all parts are bad as the NCCP has some fine elements it is simply the unnecessary paperwork and form filling this is not required.
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+6 #2 Allan 2011-11-28 09:45
I agree 100% with Paul.

Those in the heirachy of these large organisations have never written a loan themselves let alone a loan under NCCP so their comments are invalid.

Broker growth will continue for those who put in the hard work.
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+6 #1 Paul 2011-11-28 09:11
"thanks to NCCP" - I really must live in a parallel universe to some of these people who make their money off mortgage brokers but are not brokers themselves.

If he said “In spite of oppressive NCCP requirements” – Now that’s something I can agree with.

I don’t know any broker who could identify 1 deal they settled in the last year due to NCCP.
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