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Exit fee fight 'out of step' with consumers: Intouch

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Australian Broker | 28 Jun 2011, 06:00 AM Agree 0
Intouch Home Loans has claimed the industry push to overturn the government's exit fee ban was "out of step" with consumer opinion
  • Kram | 28 Jun 2011, 12:40 PM Agree 0
    It seems hypocritical of Ryan to say "clawbacks...something that's been imposed on them". Isn't that referring to accepting situations like the current exit fee removal, so that then to meet income targets banks will need to source it somewhere else? The easiest is with reducing Commissions or making longer lead ups to full commission or increasing claw-backs... all of which have been happening for a while, without such forced circumstances as this.
  • GeorgeVII | 28 Jun 2011, 03:02 PM Agree 0
    The campaign by brokers and non-banks against exit fees was an unedifying spectacle which showed just how far we've moved - from being the consumer's friend to pigs at the trough.

    What consumers remember is non-banks and securitised lenders ramping up interest rates as wholesale funding dried up and then clobbering those consumers with exit fees as they left to find a fairer deal. What's not to like about a ban?

    The man or woman in the street may not like banks but they think non-banks have blood on their hands.

    Reality check time ...
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