The best advice Aggregators could well do with is to convince Lenders to outlaw the use of generic (yet secret) lenders service calculators (one size fits all re tax advantages).  Futuristic Incomes created by lenders are the root problem of sub prime lending.  I hope that crucial issue was on the main agenda in terms of consumer protection issues.  Also the first Aggregator to insist that an 11 page copy of the Loan App Form be given to all consumer applicants at the point of signing to protect the sellers from having documents distorted after the paperwork is sent in to processing.  There should NOT be destruction of that original for seven years.  That should effectively clean up these loan problems as I explained to the Senators in February this year.  

It was FAST Group that channelled all the dubious loans from Money Choice Matt George.  In turn he gathered together 1500 hapless members of The Investors Club (recently named the Property Club) and channelled all those people to the greedy lenders who "approved any bit of paper,"  as long as there was an asset and a pulse.    Matt told me: "I always furnish the bank with a proper pensioner form."   This whilst now NAB exec Stephen Kane was head of FAST group!

Then there was AFG who channelled more people through with loans that ought to have been rejected and boasted the highest number of "deals."  More people for me to assist for free and, FOS and COSL to become wealthier by charging lenders $5000 per person for their nonsense.  Time for change to be forced fed to the industry and why.

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MPA Exclusive: aggregators tell all

by MPA | 15 Aug 2014
MPA managed to get the heads of Australia’s leading aggregators in one room, where they told us their main concerns for the industry.
Brokers are at risk of being subsumed into the financial planning industry, warn the leaders of Australia’s main aggregators. The prediction was made at a roundtable, organised by MPA, where aggregators confronted each over both over their approach to aggregation, and themes affecting the entire industry.  The participants were Phil Quin-Conroy of PLAN Australia, Malcolm Watkins of AFG, Brendan Wright of FAST, Tanya Sale of Outsource Financial, Murray Lees of Connective , Tim Brown of Vow Financial and Stephen Moore of Choice.

Financial planners were looking to include brokers as part of their business, it was suggested, in order to service existing clients. As Connective boss Lees explained: “What is really interesting is that of the people who have got industry experience, the planners and the accountants are looking to effectively buy a broker a lot of the time - they are not very often looking to become a broker themselves. I think it is something we should all be careful of in the industry; that we don’t end up becoming a subset of financial planning because that is a possible trend that could occur.”

Another concern raised was that further consolidation in the industry – particularly bank ownership – risked creating conflicts of interest, particularly bank white label distribution. Other issues discussed ranged from training to technology and CRM.

You can read the full Aggregator Roundtable in MPA 14.9, hitting desks next week, and videos will also be available on the MPA website. And if you haven’t taken MPA’s poll on turning away clients, please do so now – it closes on Monday!