An upcoming disclosure change in B.C. is being implemented to ensure brokers put their client’s interests above their own … but is it necessary?
“Disclosure of conflicts of interest in terms that consumers can easily understand,” FICOM said in an email to MortgageBrokerNews.ca, “reduces the risk that brokers provide advice that is not in the consumer’s best interest, but rather, in the broker’s pecuniary interest (for example, where lender A provides higher compensation than lender B).”
Brokers, by and large, pride themselves on the value they offer clients; the various mortgage products offered by many lenders, and the fact that there is no conflict of interest in hocking their own products.
Justin da Rosa – Mortgagebrokernews.ca – October 26, 2015.
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