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Brokers without the correct referral arrangements in place are putting themselves at risk, AFG's Mark Hewitt has said.
Following an industry survey that found nearly 70% of brokers are still falling short of the NCCP requirements for referral relationships, Mark Hewitt AFG's sales and ops GM said he is aware that ASIC is currently paying careful attention to this area.
And, speaking to MortgageMix, Hewitt said he thinks the number may be even higher than seven in 10.
"If you recall around the time the guidelines were being developed there was quite a bit on confusion as to what needed to be put in place and this may have resulted in some brokers putting it in the too hard basket," he said.
Hewitt said any brokers in this category should consult with their aggregator as soon as possible, to get the necessary agreements in place.
ASIC investigates CHOICE scheme - Because Choice would simply be referring customers to One Big Switch it does not need to have a credit licence, the consumer watchdog has claimed, as ASIC takes a closer look at the controversial new Big Bank Switch scheme.
Cross-selling too complex for some brokers, industry stalwart says - Some brokers are hesitant to cross-sell because they are put off by the perceived complexity of offering more than just the humble home loan, CBA's executive general manager, third party and mobile banking Kathy Cummings has said.
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