Yesterday the Indo had a front page story about brokers and estate agents could potentially ‘rip-off’ customers. This obviously affects the whole industry because it means that brokers and estate agents in general are sullied in the process and obviously the article was highly upsetting for many, but that doesn’t mean it was not fair and balanced.
It is especially difficult for any broker to stomach reports that say their industry is guilty of wrongdoing, but the actual solution must be for broker to be the most vociferous proponents of ensuring an investigation is completed and we must also lobby for strong retribution to any firm caught doing wrong if we are to be taken seriously by consumers.
The danger as I see it is that anything short of harsh punishment will only send out the message that yet again there is a ‘financial firm getting away with it’. The Financial Services Ombudsman’s most public moment was when they failed to have a judgement against Davy Stockbrokers adhered to in the High Court costing the tax payer hundreds of thousands …