NFBD founder opposes call for probe of broker pay, BID compliance
The founder and CEO of National Finance Brokers Day says calls by consumer groups for an ASIC review of mortgage broker remuneration and the quality of brokers’ credit advice are “disconnected from reality”.
Dino Pacella (pictured above left), a well-known figure in the mortgage and finance industry, has voiced his strong opposition to the calls for a review.
The review is one of 11 recommendations made in a submission to the Senate from consumer rights and legal organisations, including CHOICE, the Consumer Policy Research Centre (CRPRC), Mortgage Stress Victoria, Financial Counselling Australia and seven other groups.
Their submission, prepared by the CRPC and Mortgage Stress Victoria, has been provided to the Senate economic references committee inquiry into the financial regulatory framework and homeownership, which has been holding public hearings in recent weeks.
Much of the debate at the inquiry has focused on APRA’s 3% home loan serviceability buffer, with industry bodies such as the MFAA, FBAA and Australian Banking Association, aggregator Mortgage Choice and NAB calling for changes to the buffer, while CommBank and Westpac prefer the status quo.
Read the full article here:
https://www.mpamag.com/au/news/general/no-need-for-another-broker-review/511426
