The reaction from advisers to the Commerce Commission report yesterday was swift and strong; and rightly so. (If you have not seen the comments then CLICK HERE)
In our view the term mortgage broker is redundant and the only time we use it is when it is a direct quote from someone. It still surprises me how many people still use the term.
Some of the comments yesterday appeared to be critical of the story we produced; it is our job to report what people say and in this case it is critical that advisers understand what bodies like the Commerce Commission are thinking. After all it can make changes that will impact on advisers.
It is surprising that a body like the Com Com can make the comments it did when it had the time and resources to get its understanding of third party distribution right.
The take out here is that this was a draft report and advisers should provide their feedback on what was being said.
Thanks for those who commented on the story and on our LinkedIn post (you can follow TMM here).
Today we bring you reaction from banks and non-banks. [READ ON]
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