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Clawbacks exclusive to Australian broker market

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Australian Broker | 03 Apr 2017, 08:25 AM Agree 0
The FBAA has examined how Australian broker remuneration compares on the international stage
  • CP | 03 Apr 2017, 08:41 AM Agree 0
    NZ does have claw back liability ranging up to 27 months depending on the bank. Not all banks pay trail. Upfront on average without trail is .85%. Upfront with trail (.20%) is between .45-.60%
  • DW | 03 Apr 2017, 09:27 AM Agree 0
    I'll agree to the concept of clawback when bank employees start having their wages clawed back up to 24mths after a loan settles when a branch submitted borrower decides to sell the property or jump ship to another bank.
  • Regional broker | 03 Apr 2017, 09:39 AM Agree 0
    The most essential thing that needs to happen during the public submission and consultations process the MFAA, The FBAA and the major broking firms ALL need to bring up the issue of unjust claw backs which basically were started by the Majors, and most other lenders followed suit.
    The interesting question is will the MFAA back their broker members on this issue , as the Bank owned aggregators obviously will not !!

    Great work by the FBAA , it may be time to look at my MFAA membership and join the FBAA instead as they have the brokers interest forst and foremost , comments from the MFAA on this issue of clawback would appreciated in coming issues of Australian Broker.
  • RM | 03 Apr 2017, 09:43 AM Agree 0
    So nice to hear of an industry body challenging the concept that we are underpaid for the work that we do, and the value that we bring. Thank you FBAA!
  • Steve McClure | 03 Apr 2017, 10:39 AM Agree 0
    A full comparison table with any other conditions that apply is required - including what the broker is responsible for. We've heard so many different reports, e.g. that the UK doesn't pay trails, but the workload isn't as high. The NZ example given above doesn't seem to gel with the research, so lets get it sorted.
  • Xavier | 03 Apr 2017, 11:13 AM Agree 0
    Great work from the FBAA indeed! Well done!
  • ell | 03 Apr 2017, 08:42 PM Agree 0
    Well about time someone commented on the unfair clawbacks
    Great work FBAA I am going to find out if I can switch from mfaa to fbaa
  • Keith Bridges | 04 Apr 2017, 08:35 AM Agree 0
    Totally agree
  • Clarke Kent | 04 Apr 2017, 08:38 AM Agree 0
    I cannot think of a profession or business that is paid on basis of a full return policy after 24 months - I think claw backs are both unfair & unjust but sadly ASIC report on remuneration made no mention of this critical time factor in broker payments
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