Should advisers have to disclose who they don't work with?

The Australian Securities and Investments Commission (ASIC) requires mortgage advisers to disclose which lenders they did not deal with.

Speaking at the the Commerce Commission's three day conference on competition in banking mortgage adviser Sarah Curtis spoke in favour of "negative disclosure" - that is disclosing lenders an adviser does not deal with.

Leigh Hodgetts, country manager for the newly formed Finance and Mortgage Advisers Association of New Zealand, said she had worked in Australia before coming to New Zealand 13 years ago and that “I would hate us to go down that road.”

ASIC's rules are “very prescribed and over-prescriptive.””