Mark Bouris of Yellow Brick Road recently told The Adviser that the first phase of Royal Commission hearings did not represent what was happening in the broking industry.
“It’s part of the maturity of brokers,” Bouris said.
“The broker system has evolved; now we are [at] the point after a 20-year evolution, and I think [a few changes] would have happened anyway.”
Here’s what you need to know.
Boris went on to question whether the Commission was needed.
“To be frank, I don’t think we needed a Royal Commission to tell us any of these things. I think ASIC was already all over it, and I think all the other agencies are all over it,” he said.
“Including the MFAA, FBAA and major broker groups.”
Bouris said he was an advocate of weeding out bad apples and bad operators. However, people do need to rely on brokers, as in the future stakes will become higher and processes more complex.
A third party broker will help borrowers navigate these more complicated circumstances.
Bouris told the Adviser he was not perturbed by the findings of the Royal Commission against the banks, but he was certainly ‘dismayed’ at elements of their behaviour.
“I’ve been talking to people in organisations who just cannot believe it,” he said.
“If you did something like that in a small business, you wouldn’t last five minutes.”
We agree that seeing these behaviours change will be a win for consumers across Australia, and the integrity of the finance sector.
Head here for more updates on the Royal Commission.
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