Have You Heard About The Royal Commission?

By Brooke Shellback

Macro shot of financial concept

It’s been plastered all over our television screens, debated on talk-back radio and has featured prominently in online news media since the Hon Kenneth Hayne AC QC released his final report earlier this month.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has left no stone unturned since it was established in 2017, hearing stories from heartbroken customers, downtrodden families, stakeholder groups and the countries most prominent banking institutions.

So what are the main takeaways?

The Best Mortgage Brokers Will Remain

Reforming the current remuneration structure will likely see the eradication of the ‘bag egg’ mortgage broker, while the brokers with your best interests at heart will remain. It will take focus away from the ‘cost-per-deal’ to the needs of the customer and therefore better serve the customers best interests.

Financial Institutions Will Do Everything

They Can To Rebuild Trust

Commissioner Hayne’s recommendations can be seen to come down hard on the four big banks. However, the real aim is to assist in the rebuilding of trust by consumers in their financial institutions. The changes will give you more power to challenge financial institution decisions, hold them to a higher standard in customer service and ultimately, begin to rebuild the trust that has been lost.

Brooke Shellback is a local Mortgage Broker & Marketing Consultant specialising in digital media. You can contact her for more information at me@brookeshellback.com

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