Major banks go head to head at MPA Roundtable

by Miklos Bolza21 Feb 2017
Broker heads from the National Australia Bank (NAB), the Australia and New Zealand Banking Group (ANZ), and Westpac have gathered at MPA’s Major Banks Roundtable.

Held today at the Sofitel Hotel, Sydney, the roundtable brought together Steve Kane, general manager of broker distribution at NAB, Simone Tilley, general manager of retail broker distribution at ANZ, and Warren Shaw, head of broker distribution at Westpac.

The leading topic was ASIC’s ongoing remuneration review, the results of which were definitely not going to make broker businesses unsustainable, said Shaw.

“It’s clearly about focusing on ensuring that customer outcomes are at the centre of everything that we do.”

He criticised the ongoing speculation of what the review would eventually do, saying that these types of predictions were unhelpful in the broad scheme of things.

“We should remain very much focused on serving customers and doing the right thing all the time. ASIC will table its review at the right time and we’ll have an opportunity then to get into the depths and breadth of that and look at the recommendations that have been made and the transition timetable associated with those.”

Banks and brokers should stick to what they are good at, which is helping consumers navigate a complex home lending landscape and helping individuals make the right choices for themselves, he added.

The three broker heads also discussed investment lending, foreign clients, professional development in broking, fintechs and the growing market share of the non-majors. Keep an eye out for further stories this week covering these areas and many more.

Related stories:

ASIC still finalising remuneration review

Murray says regulators must rein in investor lending

Banks to undergo further parliamentary grilling

COMMENTS

  • by Team D 21/02/2017 3:45:15 PM

    It would be good if we could have a more in depth summary of the context and responses of each lender for those that missed it or had to pop in and out.

  • by Concerned broker 21/02/2017 7:22:52 PM

    Easy for Shaw to say just take it as it comes when his livelihood isn't depending on it. These banks have zero interest in the success of brokers and only care about their bottom line. It's like a shark giving it opinion on where the fish should swim!