The Hayne Royal Commission demonstrated the damage that lawyers, who are equipped with the benefit of hindsight and retrospective morality, can do to businesses.
One of my many roles, is to keep GPS well ahead in our thinking and operations, so that we don’t become prey for lawyers.
While banks are grappling with “acting in the best interest of investors” I am now looking at what obligations will arise to “act in the best interest of borrowers”.
As always, I am looking at how we use this to be in a win-win scenario, which benefits not only our investors, but borrowers and GPS.
To do this, while complying with our regulatory obligations, is taking quite a bit of thought.
I have started with some analysis on what I call our “borrower spend”. This is the borrower monies expended on such items as valuations, quantity surveying and legal fees.
All of us at GPS were taken aback by how much, in aggregate, we pay for professional services. Particularly how much we spend on quantity surveyors and lawyers. We are now looking at how GPS can generate better value for borrowers with these expenses.
However, our greatest resource is your feedback. Let me know what adds the most value to you, as a borrower, on email@example.com or 1800 999 109.
The concept I am working on should assist GPS on its ongoing mission to improve our service levels. By showing greater value, we can attract even better quality borrowers and projects.
If the answer was easy, everyone would be doing it and GPS wouldn’t have a business.