Comment of the Week goes to...

by AB05 May 2014
The topic which brokers were most interested in again last week centred on a broker who had his accreditation cancelled by a major bank without being given a reason why.

The article ‘Dangerous situation’ for broker who lost accreditation, says aggregator’ garnered heated response from commentators.

Rob worried that the broker may be forced out of writing loans unless he can provide a suitable explanation to his PI provider.

Dave Robinson believed aggregators should stick up more for brokers.

“I for one think it's about time aggregators took responsibility for their businesses and the agreements that they sign and if you are for transparency then let your members have a copy of the signed lenders agreements and don't tell me the lenders won't allow it due to privacy, make it a condition of the agreement.”

Brisbane Broker also thought aggregators, and professional instritutions, need to support brokers more.

“In my opinion aggregates and professional bodies like FBAA and MFAA are just extended arm of banks because banks are giving them a money for run PD days and conferences and from my point of view it is 'conflict of interest'.”

But Comment of the Week goes to the rather unimaginatively-named Broker, who said:

“The arrogance behind the lender not explaining exactly why the broker’s accreditation was cancelled in a way sums up exactly where the broker industry is at, and always has been at.

"That is: that brokers have no voice, nor do we have any form of effective leadership pioneering our involvement in this industry.

"Between the aggregators, the FBAA and the MFAA as a collective what exactly do they stand (other than padding their own pockets from our income, in a pimp-like manner) as after 11 years as a broker I still have absolutely no idea."

Yet we hear from lenders that we are their business partners, well I most certainly don’t treat my business partners in the same manner!”
Read the article plus more comments here. Keep those opinions coming this week!