Do you trust brokers more than lenders?
Banks have recently moved to increase broker commissions, however the Finance Brokers Association of Australia (FBAA) have warned that some banks’ branch managers are trying to take the business away from brokers.
Peter White, chief executive of the FBAA responded to media reports regarding the latest J.P. Morgan Australian Mortgage Industry Report that says banks are increasingly reliant on brokers as a pipeline for new business.
“We’ve had a number of members telling us that bank branch managers have intentionally tried to influence their clients to switch to bank products directly, bypassing the broker who introduced the client to the bank in the first place,” said White.
“If the banks truly believe what the surveys are saying – that brokers are more regarded by consumers than banks – and they want to increase broker business, then they must educate their branch managers to support our clients,” he said.
With the FBAA recently calling on ASIC to investigate bank branch managers over lending issues, Property Observer is interested in hearing your thoughts.
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