Simon Papa on what the Commerce Commission’s Banking report could mean for advisers
Simon Papa has written an excellent analysis of what the Commerce Commission’s final report on competition in the personal banking services sector could mean for mortgage advisers on Good Returns.
Simon summarises the recommendations likely to impact mortgage advisers, cautions that some of the recommendations may look different once implemented and acknowledges the Commission’s engagement with the advice sector after they released their March 2024 draft report. Simon posits that the recommendation that advisers make more applications to multiple banks is likely to result in more work for advisers, though this may be offset by banks improving application systems and making offers more comparable (and we’d love to hear what you think will end up happening!). Simon also discusses what a best interests duty could mean for advisers. It's a great read and we suggest you check it out.
We reached out to Simon around what advisers could do in light of these recommendations and he advised,
“Changes to law are required to implement most of the Commission’s recommendations. So advisers will have an opportunity to make submissions on the law changes. They can also try to engage with MPs and officials. Professional bodies will also get involved, so advisers can talk to them about adviser concerns.”
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