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Nich · 6th February 2019, 13:15

$75 million in taxpayers' money to find that:

- The 2 main regulating bodies will continue to be weak on big banks because of the gaps between ASIC / APRA (No real oversight of bad banks)

- Truly independent mortgage brokers will be immediately dropped / blocked by banks and must now extract fees from customers because they are "not independent enough". Bought mortgage brokers can be kept on the books and may continue pushing their #1 bank's products until 2021!

- Big banks will push harder on their direct-to-customer mortgage and credit products.

- Smaller banks without branches will be unable to compete because they can't buy out brokers, don't have the branches to handle the paperwork, and their competitive loan terms won't see the light of day because business from independent brokers will slow down.

- RBA emerges unscathed despite putting in place the incentive structures that brings about this shitty behaviour.

No mandate to split the financial advice / banking operations.... the banks are doubling down on cross-selling so they hold your money, but they encourage you to gamble on it at the same time.

Fuck. that.

6th February 2019, 13:15	#196
Nich	$75 million in taxpayers' money to find that: - The 2 main regulating bodies will continue to be weak on big banks because of the gaps between ASIC / APRA (No real oversight of bad banks) - Truly independent mortgage brokers will be immediately dropped / blocked by banks and must now extract fees from customers because they are "not independent enough". Bought mortgage brokers can be kept on the books and may continue pushing their #1 bank's products until 2021! - Big banks will push harder on their direct-to-customer mortgage and credit products. - Smaller banks without branches will be unable to compete because they can't buy out brokers, don't have the branches to handle the paperwork, and their competitive loan terms won't see the light of day because business from independent brokers will slow down. - RBA emerges unscathed despite putting in place the incentive structures that brings about this shitty behaviour. No mandate to split the financial advice / banking operations.... the banks are doubling down on cross-selling so they hold your money, but they encourage you to gamble on it at the same time. Fuck. that. Last edited by Nich : 6th February 2019 at 13:18.