FICOM’s proposed disclosure rules changes for British Columbia brokers could have a disastrous impact on the industry across the country, according to one major network head.
“What happens on April 1, 2016 (when the proposed change goes into place) – on that day, instantly, it could be almost the beginning of the end for our industry,” Gary Mauris, president of Dominion Lending Centres, told a packed room at this year’s CAAMP national conference in Toronto.
Mauris said the rule change – which would require brokers in B.C. to disclose all income made on transactions – could erode broker market share from 30% to 15% overnight. He argues bank specialists — who still won’t be required to disclose their commissions — will use it as a way to sway clients.
Justin da Rosa -Mortgagebrokernews.ca – November 17, 2015.
Want More Investigative Content?
