Powered by MOMENTUM MEDIA
the adviser logo

Latest

New broker head for Heritage Bank amid leadership shuffle

Heritage Bank’s NSW and ACT state manager Paul Moses is set to become its new head of broker experience, replacing...

READ MORE

Bluestone boosts non-prime support for brokers

As part of Bluestone’s senior underwriters, the “broker credit coaches” will have new responsibilities added to... READ MORE

Prime welcomes new BDMs amid SME lending boom

Prime Capital has welcomed former MyState Bank BDM Ron Galvan and former Archer Wealth BDM John Eid to its team of... READ MORE

‘Clawback should be abandoned’: Former ASIC deputy chair

The former deputy chair of the Australian Securities & Investments Commission (ASIC), Daniel Crennan QC, has... READ MORE

Men’s doubts around female brokers’ experience and knowledge...

Jane Counsel, research lead on the Mortgage and Finance Association of Australia’s (MFAA) Opportunities for Women... READ MORE

07:45AM, 23 May 2022 • by Malavika Santhebennur

Non-majors have highest-rated BDMs: Broker Pulse

Business development managers at the non-major banks are outperforming their major and non-bank counterparts, according to a new broker survey.

READ MORE
07:50AM, 17 May 2022 • by Malavika Santhebennur

ANZ turnaround times fastest in 2 years

READ MORE
07:55AM, 8 May 2022 • by Annie Kane

Deplorable discharges

READ MORE
07:18AM, 8 May 2022 • by Sam Nichols

Crossing the floodline

READ MORE

Latest Opinion

Liz Wilson
opinion icon

Why all leading brokers should submit for awards

The Wilson Financial broker describes winning the award as one of those moments where you “do a fist punch to... READ MORE

Nick Young ta
opinion icon

Top tips for a smart succession

An ongoing by-product of the pandemic is the acceptance of “out-of-the-box” professional and personal lifestyle... READ MORE

Jane Clarke and Dylan Webber
opinion icon

Know your client base before making videos, brokers told

VIE Marketing owner and senior marketing consultant Jane Clarke highlighted the potential video marketing holds in... READ MORE

Latest Video

“No one left behind”: Labor sworn in
WATCH NOW

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Latest Poll

How many rate hikes do you think we will have this year?

1
2
3
4
5
6
7
Broker

Broker urges ‘greenhorn’ ASIC to review its perception of industry

by Reporter4 minute read

An Adelaide-based broker has called for the Australian Securities & Investments Commission to alter its perception of the broking industry from what he believes is an “outlook of implied wrongdoing”.

Speaking to The Adviser, mortgage broker at Lighthouse Financial Services Paul Lewis urged ASIC to revise its attitude towards the broking industry.

“I think it’s no secret that ASIC ha[s] quite a poor view of the broker network, which is very unfortunate,” Mr Lewis said.

The broker added that he believes that ASIC is inexperienced in the lending space and should acknowledge the broker network’s contribution to the industry.

Advertisement
Advertisement

“They’re [ASIC] greenhorns in the lending space,” the broker added.

“My personal view is that they hold the wrong outlook in terms of the broker space, and it’s an outlook of suspicion, its an outlook of implied wrongdoing rather than an outlook of embracing the network, and understanding and accepting the fact that people are choosing to use brokers.

“Theres a reason why people are choosing to use brokers, theres a continued growth in the broker network, year-on-year-on-year, and more and more market share.”

Mr Lewis claimed that the increase in broker market share has been driven by positive consumer outcomes, and he noted that consumers “would vote with their feet” if the industry was providing poor service to its clients.

“Broadly speaking, how can the broker network possibly be producing poor consumer outcomes? It must be the opposite, because consumers have a choice,” Mr Lewis continued.

“[Consumers] are not stupid, and if theyre not given an outcome thats beneficial for them, theyll vote with their feet and what we would have seen was a decline in the broker network instead of growth.”

Further, Mr Lewis acknowledged that “questionable activity” was taking place prior to the global financial crisis (GFC), but he believes that investigations into the industry, particularly the Royal Commission into the financial services industry, is “over the top”.

“The Royal Commission is completely over the top, and absolutely absurd,” Mr Lewis said.

“You see very few cases now of brokers doing extremely dodgy things. Of course, they exist, but they exist in every facet of life, [and] in every industry, but theyre very minute in my books.”

Mr Lewis concluded: “I think its almost as if theyre looking for a problem that doesnt exist, and its symptomatic of a bigger issue around making a lot of noise and trying to control and fix something that isnt broken.”

While the financial services regulator has undertaken a variety of inquiries into the broking sector in recent years, its chair has previously said that he believed brokers deliver 'great consumer outcomes'.

[Related: ASIC probe to ‘validate’ broking profession]

Broker urges ‘greenhorn’ ASIC to review its perception of industry
announce
TheAdviser logo
announce

JOIN THE DISCUSSION