In late 2017, ASIC announced that it intends to undertake a Shadow Shop project in 2018 to assess whether credit advice provided by mortgage brokers results in positive consumer outcomes, and to investigate what good practice looks like for brokers.
ASIC stated that the objectives of the shadow shop will be to:
- gain insight into how consumers purchase home loans;
- identify critical events in the purchase process;
- understand the key inputs in decision making criteria at critical events; and
- determine how behaviour is influenced during the purchase process.
The project is expected to include the experiences of hundreds of mortgage broker clients.
If you would like to discuss how to prepare your business or representatives for the Shadow Shop project, please get in touch with Julia on 0401 193 473 or Eloise on 0404 133 979.