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Aussie Home Loans executive chairman John Symond has warned that consumers will suffer if the industry is “strangled” with too much regulation.
Mr Symond told The Adviser that the industry is starting to get “bogged down” with regulation, despite the best intentions of governments.
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“They mean well, but let’s not strangle the process because at the end of the day, if you do over-regulate, it costs money and consumers end up paying,” he said.
“We do need regulatory involvement, but we don’t want to be strangled by over-regulation.
“Governments have got to be very careful there, because it costs a lot of money by government and it costs even more money to try to conform with the myriad of new regulations.”
Mr Symond also urged brokers to embrace the “huge” push to digital technology as soon as possible.
“I think brokers, like all businesses, need to focus on the digital world, because it’s the new world,” he told The Adviser.
“Whether it’s Facebook, Twitter, you name it, it’s very different to how it was a decade or two ago.
“And it’s going to get bigger and better and more people are going to be tuning in digitally, so if brokers aren’t hooked into it, my advice is you better get in there pronto.”
[Related: Aussie plans to add 25pc more stores]
