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Jessica Darnbrough
Almost 20 per cent of brokers believe the requirements under NCCP are having a negative impact on their bottom line.
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According to The Adviser’s latest weekly straw poll, 18.8 per cent of respondents feel the new legislation is an impediment to writing business.
Speaking to The Adviser, Liberty Network Services managing director Brendan O’Donnell said he understood why almost 100 brokers of the 404 surveyed viewed legislation as a business obstacle.
“Smart brokers that understand the legislation will only have to conduct two interviews with their clients. But, for the brokers that have not streamlined their processes, they might have to conduct two, three or even four interviews with their client in order to manage the requirements on the legislative side,” he said.
And while this will obviously prove time consuming and annoying to some brokers, Mr O’Donnell said overall the legislation should be seen as a positive.
“NCCP is a good thing for brokers. It has certainly enhanced the professionalism of the industry and, if you are a full time broker, I don’t believe you will have an issue,” he said.
Connective principal Mark Haron agreed and said while the NCCP requirements will take a while to become accustomed to, brokers need to embrace the new norm.
“Don’t let the tail wag the dog. Get in there and embrace the new requirements. If you do, customers will see you as a professional and therefore their barriers won’t go up, which will help you have a much smoother interview process and overall loan process,” he said.
