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Rigoni attacks big bank broker dominance

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Australian Broker | 14 Dec 2011, 04:00 AM Agree 0
Maria Rigoni has resurfaced to rail against the power of the big banking institutions, which she argues have killed off independent brokers
  • Lynne Cox | 14 Dec 2011, 12:11 PM Agree 0
    Hear Hear!!
  • PeterT | 14 Dec 2011, 12:26 PM Agree 0
    Whilst I certainly agree with the comments regarding the MFAA, I question the statements that brokers are no longer their own buesiness.
    I'm a member of Choice Aggregation, owned by Advantage, hence owned by NAB. I hold my own credit license, I don't even use the piece of rubbish they call software. My aggregator has no influence over my recommendations to clients in any way.
    It's very unfortuanate, but the main reason the big banks are dominating the landscape is because they tend to be consistantly more compeditive in price and product. They're also considered a safe haven by consumers.
  • Laurie | 14 Dec 2011, 12:50 PM Agree 0
    What a load of unmitigated rubbish. She has made some pretty serious allegations in this article and has not substantiated one of those allegations. For example she has referred to takeovers by the banks of mortgage brokers and then states that these large institutions now have an an ordinance amount of control over mortgage writers. As a member of FAST I can say categorically that FAST do not exert any control over who I write my loans with and/or how I write my loans. If anybody is misrepresenting the facts it is her and not the people that she is accusing. Maybe the best thing for her is to leave the industry.
  • Sally | 14 Dec 2011, 02:02 PM Agree 0
    Good on you Maria, if more people submitted to ACCC then they might have a better idea of how much the MFAA, FBAA and Lenders out there try to control everyone, with very little "Professionalism" involved. Don't leave the industry, keep standing strong and eventually those who have no idea of what's really going on..........might (might) eventually see the Broking world the way it really is.
  • FinBroker1 | 14 Dec 2011, 09:54 PM Agree 0
    MFAA - Yes this is a sham - What has or does it do for us? I have been broking for 10 years and what has it done or can do? Nothing in my eyes... but yet still fork out an annual membership fee... Why?

    I am independent under FAST but i hear what Rigoni is trying to convey. Is it fact? Not yet.
  • ozboy | 15 Dec 2011, 10:18 AM Agree 0
    Do any FAST brokers work or just comment here?
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