I hope you all had a great weekend, and perhaps had a win at the Cup..
After much speculation there was no Melbourne Cup rate reduction. Which really shouldn’t have raised many eyebrows. I think the RBA will be extremely cautious in any more cuts given their recent commentary along with the many lenders reluctance to pass on anything of great significance..
Big news in the world of finance was probably the ASEAN summit in Thailand. With Mr Morrison proclaiming it to be an enormous breakthrough that would open Australian services to new international markets and boost Aussie Jobs. One would hope that this is true, though the absence of Mr Trump and India’s reticence to agree could be a sticking point. One would hope that there was some positivity to come from it as well as a boost to the economy..
AFCA released their stats around complaints with Brokers only making up .35% of complaints made. This to me means that there is work to be done. Everything must be in the best interest of the client and that is how I have always operated. This backs on to ASIC releasing for public consultation its draft guidance on best interests duty ahead of its commencement next year.
I think some of the most difficult questions around the best interest will be things like ‘What does best mean to the client?’ ‘does best mean the lowest’ I am just hopeful that this doesn’t come at the detriment of a client by being bogged down in legislation. I think however explanations around why a solution was given will be mandatory. However this is what most brokers do today anyway. Banks however not so much..
On the back of the email last week, banks have all been noting the run to Christmas as well as increased assessment times. This will be the norm till we hit the 22nd I think. One would hope that the lenders will take the break to keep staff at current levels and get through the backlog. Hope here may be a pipedream though…
I am always here to help.
Justin
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