Six months on…
Last Thursday marks six months since the release of The Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
To commemorate what was a very traumatic time for mortgage brokers and their families, Rick Jenkins a mortgage broking veteran of 21 years and a renowned industry poet, has penned for the industry an Ode to the Royal Commission.
We had the Royal Commission, and they had a lot to say.
About us Mortgage brokers and how we got our pay.
Mr Hayne, a learned gentleman, of renowned judicial fame.
Called people from all walks of life to talk about our game.
They talked about our process and all that we do wrong.
But when they took a closer look, they had to change their song.
So, after all the meetings and hearings held last year.
They couldn’t find us wanting, we were mostly in the clear.
But not to let the truth they found, interfere with their perception,
that these confounded brokers must be up to some deception.
So, they called in some other folks and listened to their tales,
that these darn mortgage brokers do nothing for their trails.
So, when the learned gentleman, handed down his findings.
The result was that us brokers, would cop a bloody hiding.
They came up with this great new plan for us to charge our clients,
directly for a service previously free… what weird science.
They fooled the Labor party and almost, Libs and Nationals to.
It looked like our profession could be heading for the poo.
But common sense prevailed at last, when they called the fed election.
The quiet Australians had their say and completely changed direction.
We now have a level playing field and hopes are on the rise.
With an economy now stable under Liberals… no surprise.
All brokers should be grateful for the vote of the common man
It helped avoid disaster and Haynes destructive plan
MoneyQuest Managing Director Michael Russell, reflected on what was a grueling time for the industry saying “during the 14 months of the Royal Commission, mortgage brokers were forced to endure two Christmas & New Year celebrations racked with fear and uncertainty.
Fortunately, common sense prevailed as we saw a number of good people in Federal Government standing up to confront wild accusations by questioning the lack of substantive evidence”.
Mr Russell went on to say “Our industry has always rallied to overcome headwinds in the past and come out the other side stronger as a result. Today, more than at any time in our history, consumers are preferring to deal with brokers and we hope to enjoy the winds in our back for a change.”