Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Channel Conflict

Notify me of new replies via email
BrokerQLD | 15 Aug 2016, 02:38 PM Agree 0
Hi, I was wondering if other brokers are having any issues with "channel conflict"?
We are with a major aggregator and thought most of the channel conflict issues had been rectified.
But we placed a personal loan with one of the Big 4 majors on behalf of our customer, and after approval the client had to visit the bank branch to complete the ID check, and the bank manager then sold the customers a term loan instead and totally ignored our broker introduced loan!
According to our discussions with the customer, and under NCCP, there was not a clear exit strategy, customers are elderly & retired, and it was only a small unsecured personal loan they wanted, thus we never wrote the loan as a home loan refinance and top up in the first place. We complained to our bank BDM and our aggregator, and the bank claimed the manager did nothing wrong and they have helped the client! The client had their approved personal loan number when they went to the bank branch, so the branch manager had to know the approved loan was from an accredited broker.
As you can imagine we are extremely angry and disappointed to be treated this way by a major bank who is supposed to be our partner.
Anyone else had similar issues recently?
Thanks.
Post a reply