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FBAA defends brokers, slams AFR

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Australian Broker | 30 May 2016, 06:00 AM Agree 0
The FBAA has also come out in defence of mortgage brokers after an inflammatory article was published in the Australian Financial Review
  • P Thom | 30 May 2016, 09:21 AM Agree 0
    The facts are most brokers earn much less than $55,000 more like $25-30k, if that. It's the old 80/20 rule, I don't see what the problem is? Clients want money, brokers meet that need. Let's face it, banks were caught sleeping at the wheel! Try getting them to answer the phone!
  • Steve McClure | 31 May 2016, 12:24 PM Agree 0
    The article in question seems it's been written simply after reading other articles, then makes an assumption that brokers fear commissions might be banned. Nothing is further from reality.

    Instead, consumers fear that the pure competition that brokers bring to the table (literally), would be severely diluted if commissions were removed. They understand that if the fairness of the broker industry wasn't there to legally act in their interests - the winners are the biggest banks with the biggest advertising campaigns, regardless of their rates, service & delivery standards.

    I don't know why AFR doesn't have their journalists research and present the article better, by speaking to industry insiders. If only their distribution and advertising base was growing as strongly as the popularity of broking industry.
  • 26 years in | 08 Jun 2016, 08:52 AM Agree 0
    One only has to look at the major shareholders in Fairfax to conclude that those same shareholders would benefit greatly from the major banks regaining market share. No great surprise that a Fairfax publication would publish an article like this, in my experience.
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