Clawbacks could sneak onto ComCom agenda
Financial Advice NZ is leading a group meeting with the Commerce Commission over its recent report into banks.
Mortgage adviser Jeff Royle is part of the group and believes it will be the right time to “tack-on” a discussion about non-disclosure by lenders and how there is a simple remedy that will benefit everybody.
He has been vocal about clawbacks and the lack of disclosure by the major banks warning clients if they pay back their adviser originated loans early they may be up for other costs.
He says advisers are making slow progress on getting a warning in bank documents and now is the time to delve into the issue at a high level.
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