Is your mortgage broker really a broker?
There has been a dramatic rise in non-brokers obtaining Australian Credit Licences (ACLs). In 2011 there were 20,000 ACLs with 92 per cent being accredited brokers.
The FBAA now reports that ACL numbers have increased to 39,000 but only 56 per cent are “broker-trained”.
FBAA chief executive officer Peter White said these entrants in the consumer lending arena are not brokers and pose a concern as to conflicts of interest and possible poor advice.
Source: The Adviser