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With the new licensing laws still six months away, many aggregators and brokerages are already claiming to be legislation ready.
Smartline’s managing director Chris Acret said the brokerage had been prepared for licensing for some time.
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He said the new legislation would create a level of professionalism in the industry and help the “cream to rise to the top.”
“The key to success in this industry in the coming years will be a focus on quality and value.
Many of the minimum requirements being introduced under this new regulatory regime, such as clearly documenting the advice we provide to the client, have been part of our practice for several years,” Mr Acret told Mortgage Business.
“While some will be scrambling to meet these new standards, we now have the luxury of being able to focus on building our business and differentiating ourselves in the marketplace, knowing we already exceed these requirements.”
According to Mr Acret, Smartline recently started a recruitment drive in a bid to recruit professional brokers before the introduction of the legislation.
“Operating in the current environment where lenders are increasingly linking the commissions they pay to the quality of submissions and where accreditation isn’t guaranteed, brokers are going to need to be part of a highly professional group,” he said.
