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Westpac details broker 'seal of excellence'

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Australian Broker | 27 Feb 2012, 08:00 AM Agree 0
Westpac has outlined the details of its 'Platinum Broker' tier, which is now offering 100 of its best brokers preferential service and support
  • Broker | 27 Feb 2012, 10:55 AM Agree 0
    Westpac Mobile Lenders would be a more appropiate term.
  • Chris | 27 Feb 2012, 11:57 AM Agree 0
    I find it interesting how Westpac's strategy to increase their 3rd party market share is to what amounts to bribing the broker who places high volumes of business. I just hope for the sake of our industry brokers continue to offer the most competitive lenders based on price policy and product. As it stands, I can not see how any broker could be doing this and have an overwiesght product mix towards westpac
  • Perth Broker | 27 Feb 2012, 12:22 PM Agree 0
    Westpac should also pay them salary, supeannuation as well as other bonuses that they usually pay to their employees.
  • Tony O'Halloran | 27 Feb 2012, 12:46 PM Agree 0
    Preferential treatment is nice as long as the ones that fit the catergory/requirements are not doing so for their own benefit, as opposed to that of the client/s. I've heard there maybe one such broker in Sydney that writes 95% or more of his business with WBC and I would bet that is not because they are the best option for the client!!!!!
  • Country Broker | 27 Feb 2012, 01:00 PM Agree 0
    Surley these top 100 brokers havean NNCP problem, can hey really say no I do not have a conflict if interest when they recommend a westpac product , ASIC MUST look at the segmentation of brokers in the whole industry and bring out an industrywide guide line out , and the MFAA needs to urge ASIC to commence this process immediatley.

    Then there will be the need for the broker to declare the additional benefits they are receiving from Westpac on their quotes ect.
  • Sydney Broker | 27 Feb 2012, 03:00 PM Agree 0
    I think they can join these special clubs as long as there clients are advised that the majority of there business is written through only a couple of lenders.
    It now might be neccessary for brokers who join these special clubs to also advertise what percentage of there overall business is written through these partnerships. I think this is something that ASIC may wnat to investigate further as most would represent themselve as independant. There may also be reason to discuss should these members be allowed to advertise that they represent 20 or 30 lenders when clearly the majority of business is only written by a couple of lenders.
  • Broker | 27 Feb 2012, 04:25 PM Agree 0
    Stage 1 . Segment the Brokers

    Stage 2. Start mucking around with commissions again ?????
  • Mark Moenting | 28 Feb 2012, 10:49 AM Agree 0
    Someone please explain to me how this fits under NCCP???
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