No one wants to play in this playground
Tuesday, October 18th 2005, 12:31AM
Interested to see this piece in the SST on the weekend about finance brokers not wanting to join an association with a code of ethics and so forth.We ran a story about this crowd last October.
My question is who really is its audience? It doesn't seem to be financial planners and mortgage brokers as they are already well-served. (However they potentially get tarred by this article. One person I spoke to thought it said all advisers are dodgy as they wont join an association with a code of ethics).
Back to my question. I recall being told that it was people doing personal loans and debt consolidation. Without wanting to cast a shadow over this complete market sector I would suggest many of these people have no interest in joining such an association.
As mentioned in a previous posting when the Task Force was looking at the advisory industry it came to the conclusion the biggest problem area was people operating on the fringes of the industry.
In my view this guy shouldn't be blaming others for not joining his association - rather it seems like the market is working.
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