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The conflict is that I know my client can get a much better deal going direct and if I ignore that then that is arranging a loan that is potentially unsuitable ( higher costs and fees) may be in breach of the act

Conflict of interest Has anyone noticed that a conflict of interest is not able to be dealt with by a disclosure ( as is the case with FPs) -we (brokers) have to ensure that our conflict of interest does not disadvantage the customer and as I think Rolf pointed out how is disadvantaged defined...

COSL have just clarified that their email related to existing 'representatives' not 'credit representatives' being appointed by licensee - phew!!!

COSL mix up We are applying for license and our contract brokers as credit representatives. In order to get all that in place the brokers have applied with COSL to sign up as credit representatives under our umbrella. COSL have a specific application for this and charge $75 each - I spoke to...

PT - I agree with what you say in regards maintaining CBA clients at the moment, but things can change CBA will eventually take it's turn at margin growth just as Westpac are doing now - we only have a small team of loan writers and in my experience over last 6 months very few Westpac...

Disclosing the conflict is only part solution, however what happens to us if/when CBA take their turn at high margin as Westpac at the moment ie: simply uncompetitive. We are faced with selling uncompetitive loans in order to keep the accreditation, that is clearly not in the clients interest...

Yes I only just received notification from MFAA "ASIC has indicated interest in the concerns expressed by many MFAA members and now are considering a response to MFAA." I don't have a lot of confidence as ASIC appear very reluctant to get involved in the internal workings of big business...

Two Years in Gaol for Writing CBA Loan. Have you considered the implications of the new rules that come into affect 1st July regarding conflict of interest. Simply by registering you are bound by them. The penalties are very severe as I understand it over $1 million for companies and up to 2...