Contrasting property with the more tightly regulated financial planning and mortgage broking sectors, this piece argued that the absence of entry standards, qualifications and commission disclosure allowed unethical operators to persist. It described firms charging clients an upfront fee before selling them land they already own, and brokers and planners collecting undisclosed referral commissions of 2 to 3 per cent. PIAA and PIPA were named as bodies lobbying for regulation.
Reported by
Andrew Crosssly, Money Magazine, 1 September 2014
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