Wed
23 Jan
2019

PIPA: Report proves lawlessness is rife

THE long-awaited report from the banking royal commission proves that even within regulated environments lawlessness can be rife.

Property Investment Professionals of Australia (PIPA) chairman Peter Koulizos said the multitude of examples of potentially criminal activity within the financial services sector was a sign of what can happen when money becomes more important than client outcomes.

“If this is what happens in a regulated industry, imagine the situation in the property investment advice sector where spruikers can ruin people’s financial lives without much chance of prosecution because it is an unregulated environment?” Mr Koulizos said. 

“The report suggests that many in the financial services sector were motivated by greed rather than acting in their client’s best interests, however, such a blanket statement does a disservice to the majority of honest employees working in the industry.

“Mortgage brokers, for example, create much-needed competition and deserve to be paid for their professional service, so we’re pleased that the federal government has questioned the recommendation that commissions be paid by consumers rather than banks – who are the ones who can clearly afford it the most.”

Mr Koulizos said he hoped the report’s release would bring an end to the over-the-top credit restrictions that had been in play for more than three years.

 

Western Advocate, Bathurst, Page 23, 21 February 2019
Launceston Examiner, Launceston, Page 4, 21 February 2019
Burnie Advocate, Burnie, Tas, Page 4, 21 February 2019
Lower Hunter Star, Maitland, Page 6, 21 February 2019
Times Victor Harbour, Victor Harbor, SA, Page 24, 21 February 2019
Bendigo Advertiser, Page 4, 23 February 2019 
Warrnambool Standard, Page 2, 23 February 2019
Ballarat Courier, Page 2, 23 February 2019
Illawarra Mercury, Wollongong, Page 3, 23 February 2019
Stawell Times News, Stawell, Page 14, 22 February 2019
Ararat Advertiser, Ararat, Page 14, 22 February 2019
Wimmera Mail Times, Horsham, Page 23, 22 February 2019 
South Coast Register, Nowra, Page 2, 27 February 2019
Milton Ulladulla Times, Ulladulla, Page 8, 27 February 2019