Grant Clifton

Banks won't show you that.

It's not in their interest to show you that because they make money out of interest.

Yeah.

Yeah, and governments put in place different laws and regulations and all that sort of stuff, but sometimes those regulations don't do what they set out to do.

And I know that New Zealand followed Australia actually after the banking inquiry, the Hayne report back nearly 10 years ago now, and changed a whole lot of stuff.

And I believe those regulations are actually worse for the consumer.

because all that people are doing now is giving people pieces of paper saying here's my regulations and here's what I have to tell you but they don't sit down and spend the time and explain to them how this all works and I think those regulations are wrong and they should be looked at and I know there's a lot of controversy around that but people they don't give advice anymore it's compliance over advice

This sticks with me.

This is a story for you.

So this guy rings me up.

He's a real hard case.

He's a builder.

He's in a little fishing village north of where we were.

And he said to me, Grant, I want to buy this place.

It's on the market.

There's a section, and it's got a double garage on it that I can live in, and then I'll build my house.

So can you come and see me about, you know, how much can I borrow?

I said, yeah, no worries, mate, sit down.

And I sat down with this guy.

He actually came to my place, sat down, and I said to him, look, mate, the first thing I have to do is read this out to you, which is a statement of advice and tell you who I am and all that sort of stuff.