The CEO of consumer advocacy group Choice, Alan Kirkland, has penned an enlightening article lashing the mortgage broking industry, claiming it is using the same dirty tricks deployed by the advice industry when it was forced to move from a commissions-based model under the FoFA reforms:
Within hours of the final report being released, the mortgage broking lobbyists were out in force claiming that interest rates will skyrocket, that any change to their sector will kill competition and deliver a win to the big banks. And as predicted, they took no time to lean on the vague but ominous claim of unintended consequences.
