The Good, the Bad and the Ugly

It seems never a week goes by without another story, somewhere in Australia, of a broker being banned or fined by ASIC.   In Australia, we definitely benefit from very strong regulation in our financial services industry and it has stood us in good stead through many economic cycles and crisis.   Again yesterday, The Adviser reported that “ASIC has permanently banned a Perth based broker from engaging in credit activities" click here.   Joust is a digital home loan platform, not a broker, and enjoys excellent relationships with banks around Australia. Through these relationships we are aware that broker fraud is becoming more and more of a concern for Bank boards and executives.

 

There are some terrific brokers around Australia who work diligently, provide excellent service and add real value for customers who have complex needs, a poor credit history, unpredictable income or low equity.   These higher quality brokers must feel like ripping their hair out when they read about their peers who damage the reputation of the broker industry as a whole.  We know the industry associations work very hard to try to repair the damage and lack of trust that these negative reports cause – but it continues to be an uphill battle.   Transparency, integrity and authenticity are all core values of Joust.  In an increasingly digital world, technology is a great enabler for integrity.  Let's all hope that advancements in technology, robust regulation, stiff penalties and a “genuine human spirit to contribute to our society” will deliver great outcomes for Australian consumers in to the future.

Mark Bevan, Joust Managing Director