In a shrinking economy where job losses are every day story – it is obvious that each and every job is being scrutinized under a microscope. Not only the bosses but also the opponents are keeping a close eye on each other’s job descriptions.
In a recent Globe and Mail story, Robert McLister took on the banks mortgage reps for doing a work which should clearly be regulated and also FCAC for not doing enough on this matter.
The bottom line of the story is that – despite of having very high standards banks are not beyond conflict of interest when it comes to mortgage selling. With all good intents and purposes – self monitoring falls short of a real regulatory oversight – which mortgage brokers must commit to.
It is hard to say that this cry will reach the political ears but sure will create an impact among the bank reps.
Banks reps are not only being scrutinized by mortgage brokers but they are now being pushed hard by their employers too – in parts of Canada (Quebec to be specific).
According to another report, published by CMP – bank road reps are being asked to become permanent employees of the bank and to join the union. This may be good news for the unions but for the reps it does not appear to be a very attractive option. There are some obvious reasons for that reluctance.
Some reps are considering the possibility of becoming a mortgage broker – but the difficult task of getting business may act as a deterrent.
This whole thing reminds us of the old Chinese saying – “may your life be interesting”. We indeed live in an interesting time.