The Verdict: The Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Sector – How it Affects You
During much of 2018 the nation’s attention was consumed with details from the hearings from the Banking Royal Commission, overseen by retired Justice Kenneth Hayne. Though short, compared with many Royal Commissions, the evidence presented during the commission’s deliberations fractured the confidence many Australians have in our banking, finance, and insurance industries.
Justice Hayne recently tabled the Royal Commission’s report to the Federal Government, outlining a number of recommendations to restore confidence in the financial services sector. However, questions are being raised about how appropriate some of the recommendations are, and whether implementing them may cause more harm than they are designed to fix.
Vision Property & Finance Special Report on The Royal Commission – Analysis of proposed recommendations
Vision Property & Finance believes the Royal Commission’s findings and recommendations are so serious they require sifting and explanation. Practices across many sectors of the Finance Industry were found wanting, with consumers charged for no service in cases, the regulator deliberately or systematically misled in other instances, and even document fraud and forgery were uncovered during other evidence given at the commission.
In the aftermath of the Royal Commission, very senior industry figures have left their positions, boards of management have been re-structured, and some iconic industry heavyweights have lost their lustre with their share prices tumbling. There is definite change occurring throughout the industry right now.
The Royal Commission findings and recommendations affect you
One obvious outcome is the many recommendations. They not only affect those who work in the industry. They will affect consumers – those who need the Mortgage Broking Industry for their home or investment loans.
Vision’s Special Edition Full Report will be released in the next week. It is a MUST READ for anyone who is a mortgage holder or is anticipating borrowing for a property acquisition throughout 2019 and beyond. We think this topic is so important, we hope when you read our report on the Royal Commission’s findings and recommendations you will share it with those friends or family you think could be impacted.
Why are we offering this critical information?
Many recommendations from the Royal Commission are long overdue. We hope they are adopted across the industry and implemented enthusiastically. We find it disturbing industry icons are not already applying a Client Benefit Test, for example. This was one of the more-reasonable recommendations made by Royal Commissioner, Justice Kenneth Hayne.
Some recommendations are very complex, while others will have quite serious and unintended consequences we believe will not help consumers but possibly harm them financially.
We will unpack all of this for you in our Special Edition Full Report, hopefully leaving you better informed and forearmed for any likely changes that could affect you.
Get in now before the Royal Commission’s recommendations become law!
If you are considering buying a home or investment property, or you want to check whether your loan is best-suited to your needs, take action now before the Royal Commission’s expensive recommendations take effect.
Mortgage advice is currently still free to borrowers so call Vision Property & Finance today for an obligation-free mortgage health-check. Find out where you stand! Phone us on 02 8354 3000 to reach Sydney’s office or 02 4014 1999 to talk to someone in Newcastle’s office.
