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The head of one of Australia’s leading aggregation groups has raised alarm bells on the biggest threat facing the third-party channel.
Connective director Mark Haron told The Adviser that the “biggest threat to brokers are brokers themselves” and pointed to several ways some are tainting the reputation of the broker-client relationship.
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“To continue to grow we need to continue to be trusted by customers,” Mr Haron said.
“Every time a broker doesn’t complete their compliance obligations properly, puts a customer into a product because of an inducement that is not disclosed or blatantly does something fraudulent, we decrease the trust of the community.
“As an industry I think we can be very proud of what we do and we need to keep an eye out for each other, and if you feel one of your colleagues is not doing the right thing, speak to them or your aggregator or industry body.”
Mr Haron said the evolution of the Australian mortgage market, together with the changing regulatory environment, has offered immense opportunity for brokers to ensure their client is properly looked after.
“I believe the broker market share will continue to increase at a similar pace for the next few years,” he said.
“As brokers embrace technology to make the process better for their customers and improve the customer experience, more customers will continue to turn to them.
“Access to more and varied banks, lenders and funders is one area that brokers can embrace more and use this to give their customers more products and greater service.”
[Related: Brokers warned against offering unqualified advice]
