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Major banks will not saddle consumers with ASIC levy costs

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Australian Broker | 22 Apr 2016, 06:19 AM Agree 0
Australia's big four banks have moved quickly to state they will not pass the cost of the new ASIC levy on to customers.
  • Really? | 22 Apr 2016, 09:01 AM Agree 0
    Because they've already decided to pass it on to Brokers. Westpac announced within 24 hours that they are reviewing commissions. My guess is their share of the $120m will be raised from us.
  • SEQ Broker | 22 Apr 2016, 09:09 AM Agree 0
    If commissions get targeted then I will be targeting my federal member. Banks have a nerve don't they. A blind man riding by on a horse can see that they wont absorb any of the costs for the extra ASIC funding - which the banks themselves caused! Shareholders rule the day so much so that it is evident that ethics and morality has seen only lip service from the big banks for a decade or more. I am anti ALP. They want to spend our grand children's inheritance on their criminal mates at the CFMEU - but in this case they could be right, a royal commission may be required.
    Lastly call me a cynic but the banks get charged the extra ASIC funding and then they put the rates up independently of the RBA - thats worth a lot more than a measly $120M.
  • OzBoy | 22 Apr 2016, 10:00 AM Agree 0
    If Westpac do look at our commissions again and lower them for what ever reason then we as a group need to understand that we are partly responsible . Westpac have a track record for this type of action yet we as brokers continue to give them more business than any other lender, vote them number 1 and continually support them across the industry. If we as a group had done something constructive when they lowered commissions before, then the whole industry would have seen the results, but what did we do, we actually upped our support.

    If we reward bad behaviour we then cannot point the finger when it continues. Time to take responsibility for our own actions and their consequences. No more excuses.

    PS: Written one Westpac loan since 2007.
  • Broker | 22 Apr 2016, 01:12 PM Agree 0
    Yep, it appears that Brokers will pay once again and the PAYG employees of the MFAA, FBAA and all the Aggregators will accept this as progress within our industry.

    Commissions relating to poor customer outcomes can be attributed to the banks internal financial planning arms , so to conveniently add Brokers into this commission issue is a farce.

    Stand by for months of insulting dribble from all parties involved , and expect yet another haircut to your income.
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