AFG to banks: "Please explain"

By Larry Schlesinger | 09 Apr 2009

AFG director Kevin Mathews says he plans to attend the MFAA's proposed aggregator/lender 'forum' aimed at resolving the current crisis around bank service levels and turnaround times.

"Why does it take 20 days to approve a loan [through a broker] when it does not take 20 days through branches - please explain?" Matthews said.

Matthews said the main issues he plans to raise are service levels, changes being made by banks to aggregator agreements, the government's perception of brokers and the status of broker commissions.

He said a statement by the banks that commission changes are "off the agenda" was very important and would help focus energies on things like service levels.

"Banks margins have gone up so there should be no more pressure on commissions," he said.

Matthews said the perception of brokers among politicians was also a worrying issue.

"They (politicians) are ill informed to say the least. I spoke to a local federal politician who said to me 'you're the guys who have caused all the problems'."

Matthews said he was shocked at this comment: "Sorry - I responded. To think a federal politician has such a lack of understanding. The Treasury department is not much better informed."

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Commented by: OzBoy at 09 Apr 2009 11:58 AM
Would love to see this happen but I have to ask myself why did the aggregators miss the opportunity to put something in the new agreements when the lenders cut commission. If they miss an SLA then we should have been back to the original commission splits. I am sure this would have had a great effect than a proposed forum that by the time it happens we could all be retired.

Commented by: know your place at 09 Apr 2009 03:48 PM
More grandstanding and self promotion. These type of aggregatorts have been shown for what they are all talk and no show. If AFG actually think they will change the lenders and now federal politican's opinion then who are bigger idiots, brokers for believe this rubbish or the aggregator who reckons they can force banks and politicans to their point of view.

Commented by: Brokers United at 09 Apr 2009 04:02 PM

Here's a radical idea - how about all you "heard it all befores" stop whinging when aggregators and industry bodies supposedly do nothing, then whinging again when they do make a stand - start getting behind your aggregator, get behind your industry association, get behind your franchise group and show a united front to the lenders that are laughing at you for bickering amongst yourselves. Right now, you are making it much easier for the lenders to divide and conquer. Now is the time to be united, be strong and get behind those who have the voice.

Commented by: Bob D Broker at 09 Apr 2009 06:55 PM
I was going to say Kev that you might have misunderstood your local Pollie when he said 'you're the guys who have caused all the problems'." BUT THEN I SAW THIS WARNING Your IP address is 12.345.678.901 - this will not be published, but will be recorded in the event of a complaint about your posting. Onya Kev

Commented by: wayne at 10 Apr 2009 10:18 PM

Guys wake up the Big groups are in bed with the banks...
If they really wanted to make a stance they would wipe them from the panels
the banks are Going to SCREW the brokers and there is not a dame thing that can be done
Kev going to ask them to Explain ...Explain what this will be hard from you Stip club
Move from the aggregators ASAP and the banks
How dumb are the brokers to Put up with 30% income cuts 2 year clawbacks and Aggregators Spilts You will go broke

ONYA KEV

Commented by: No Name at 11 Apr 2009 11:29 AM

Guys, we all know the truth, when everything was going well, Kev was walking around with a club and smashing the lenders into place. Now, however the roles are turned and Kev's got his little feather and is trying to bash down doors. Let's get it clear the aggregators like AFG are there to milk the cow as long as they can before they sell and the directors sail into the sunset and say, "Jeez we screwed those brokers". No one cares unfortunately for us the brokers, the way the banks are going there will not be brokers shortly. Diversify my friends, otherwise your livelyhood will disappear.

Commented by: Anonymous at 14 Apr 2009 03:45 PM
i always find it amazing that the minority do all the whingeing, good brokers are suffering as well, but they are still writing business and getting on with it! its very easy for people to take cheap shots and then not have the courage to leave their real name and address details!

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