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Industry association slams major CEO

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Rebecca Pike | 20 Nov 2018, 11:41 AM Agree 0
The group has responded after the bank boss backed fee for service in yesterday's Royal Commission hearing
  • Really | 20 Nov 2018, 11:54 AM Agree 0
    Well said but it appears that the MFAA is still willing to take CBA's sponsorship money. This is the biggest issue facing our industry....conflict of interest. MFAA it's time to lead by example.
  • Worried Broker | 20 Nov 2018, 12:18 PM Agree 0
    Well said, but how are the MFAA telling the Royal Commission this?
  • Ben | 20 Nov 2018, 12:22 PM Agree 0
    Agree with you "Really" - but can anyone take what Comyn or anyone in a major bank says seriously right now? They have uniformly shat on both the advice and broking industries and almost happily tried to lump small, independent advisers and brokers in with their sausage factory outlet style channels...this RC did not come about off the back of small business owners who all have to rely on maintaining good customer relationships and reputation. The banks came to this space for one reason only and that was greed and profit...nothing more or less. They foundered a very slick process to charge customers and push as many 'referrals' through their advice pipe as they could. And now its blown up to sit there and say "i think we could clean the industry up by paying fees and not commissions" is laughable and moreso just hipocracy at its worst...change culture Matt by stepping down along with every other manager who has had their snout in the corporate trough the last 10 years and watch the new breed change the culture...
  • Though times ahead. | 20 Nov 2018, 12:25 PM Agree 0
    Too little too late MFAA
  • | 20 Nov 2018, 12:28 PM Agree 0
    Already Banks have Oligopoly. This will drive the customers of any competition and create banks as Monsters (already they are). Clear example is the interest rate hike without any movements in the market. Its time Aggregators stand up and be responsible without selling the industry for sponsorship dollars
  • Not happy Jan | 20 Nov 2018, 12:32 PM Agree 0
    Again, what a great diversion from the real issue of disgraceful behavior by the major banks of Australia. Comyns attitude shows no sign of regret or apology to CBA customers past and present. And why isn't someone at the CBA either heading to or in jail for breaches of anti-money laundering and counter-terrorism financing laws. The bank got the fine but who authorized or allowed these serious security breaches to occur. How many could have died because of the illegal overseas funds transfers by possible terrorist individuals and organisations all because of the banks gross incompetence and arrogance. The RC should completely ignore or bypass these minor (already resolved) commission diversion tactics and get these banks and those in charge in line as despite their never ending rhetoric, they have absolutely no regard or concern for their customers or the broker channel.
  • Roger | 20 Nov 2018, 12:33 PM Agree 0
    Well done Mike Felton. The CBA need to be punished by brokers choices in lenders. The CBA don't have market leading rates or product so lets start rewarding those lenders who see a future in the industry.
  • Simon | 20 Nov 2018, 01:11 PM Agree 0
    Brokers haven't been doing the wrong thing - therefore they don't get a chance to defend themselves at this RC.

    Instead those that have (CBA) are allowed to put forward their agendas without question.

    The issue is that Hayne and Orr appear completely out of their depth with little/no awareness of the broking industry.

    They have relied upon information and statements by the accused and think they've found a smoking gun - all they have found is the diversion.
  • John the Broker | 20 Nov 2018, 01:41 PM Agree 0
    I am happy to forego of all commission and only charge for my time as long as the bank play with the same rule and stop providing free service.

    And pass on all the savings to the customer!!

    Mr Comyns put your money where your mouth is and start charging a fee for every mortgage application! Let see how many applications CBA will get.
  • Joe Siragusa | 20 Nov 2018, 01:48 PM Agree 0
    Comyn should come clean and reveal the full cost of Branch initiated home loans. Wages, Super, annual and LSL, Branch network overheads, reviews, rework. Broker channel provides a low cost distribution network for the CBA. Time to get out of the CBA bubble Mikey.
  • Samantha | 20 Nov 2018, 03:44 PM Agree 0
    CBA has always treated Brokers like employees for far too long. I haven't used them for a very long time as there are other lenders with better rates, better valuation and service and who treats Brokers with more respect. Obviously they don't like Brokers who are taking their customers away from them. I say to all Brokers, BOYCOTT CBA. Why support a bank that clearly despises Brokers.
  • Country Broker | 20 Nov 2018, 04:32 PM Agree 0
    I think the MFAA response is spot on , I think that the sponsorships from the CBA will be dead in the water from now on.
    the press release is well written to the point and the last sentence says it all. Again vote with your feet, they are not competitive any way.
  • 31 year veteran of broking | 20 Nov 2018, 11:22 PM Agree 1
    Don’t be too harsh on the MFAA. They have been doing a lot of lobbying in the background and are getting support where it counts- Treasury, ASIC and APRA. They have deliberately stayed away from the RC - it is a witch hunt. Appearing before the RC is a threat, not an opportunity!
  • Broker fan | 20 Nov 2018, 11:25 PM Agree 0
    I googled Matt Comyn F$ckwit & ended up here. This Rat is an absolute disgrace. Boycott CBA👎🏻
    Australia you are sinking.
    My Broker has been my pillar of strength for a decade, always in touch , trying to find the best outcomes for my families benefit, I guess now that will all be lost.

  • HY | 21 Nov 2018, 08:52 AM Agree 0
    Well said Roger. Agree 100%. That’s the only way to get to them. Stop giving them our business as they clearly don’t deserve it. They want to destroy our business so it’s time to reply the best way we can by not supporting them.
  • Craig | 21 Nov 2018, 09:01 AM Agree 0
    Agree, whilst they continue to accept cash from lenders there is always a conflict of interest. The reason I moved to FBAA who represent brokers
  • Oscar | 21 Nov 2018, 09:01 AM Agree 0
    Well written and expressed perfectly. Thankyou MFAA
  • John | 21 Nov 2018, 09:15 AM Agree 0
    The best way is to not facilitate any mortgages to CBA and see if he still has the same thoughts.
    What a drop kick he is. This just shows the lack of knowledge he has.
    I find it a bit one way at the moment, why was this idiot not crossed with how he came to this answer????

    Come on MFAA, get on the front foot and have a response to this idiot, get on electronic media
    Don't invite them anymore, or take their sponsorship.

  • Regional Broker | 21 Nov 2018, 09:48 AM Agree 0
    I really think reading this and watching the performance of the CBA Chairman in the commission yesterday that the whole CBA Board and Matt Comyn have to go and be replaced by outsiders with a lot of industry experience , for Comyn to blame it all on his predecessor is a gutless act. He was a deputy CEO, and is an insider who was promoted internally. He must have been part of the cultures that are endemic and have been for a long time in The whole CBA , after watching the performances over the last 2 days I am so glad I sold all my CBA shares before they plunged.
    Really its time to go Matt , be a man and resign
  • Annoyed Broker | 21 Nov 2018, 10:23 AM Agree 0
    Matt Comyn's tactic is to get the limelight out of CBA - he should really be looking at all the loans that his own lending team in the branch are writing - things like writing a owner occupied home loan as a investment home loan so that the proposed rental income can help get the loan serviceability across the line. Recently I have seen a few of these - where the CBA has given their client a investment home loan when it was clearly a owner occupied loan. Why isn't the Royal Banking Commission investigating them on this basis ? I suggest all mortgage brokers to start boycotting CBA now and when they see their market share drop and others increase - I think he will shut up. Come on - all mortgage brokers, MFAA and FBAA - let's boycott CBA
  • HY | 21 Nov 2018, 11:02 AM Agree 0
    If we as a group don't boycott CBA then we're a disgrace. We not to take pride in ourselves and the job we do for our clients and stand up to these bullies.
  • SEQ Broker | 21 Nov 2018, 03:34 PM Agree 0
    Commissions pay brokers for all of the unwritten business and services as well. A bank staffer still gets paid when they tell a customer that they cant afford a loan or that their security is unacceptable - us brokers don't. So Mr Comyn, where do I send my bill for all the time I spent on work i never got paid for. I'm Guessing you can afford it.

    Also during your diatribe of drivel, you mention brokers earning up to $2.5M per annum but you fail to mention, they have offices and staff and outgoings so that guy probably earns $250k per annum if that, and while its a great income, its nothing compared to your salary Mr Comyn. You are being purposefully deceptive. I'm sure the share holders love you but I haven't written a CBA loan in 4 years, for good reason - you charge too much.

    Lastly regarding commission structure. Surely everyone knows that commissions are linked to loan size for a few reasons. Complexity is one, they take longer to do a larger loan, more time and experience is invested, and the bank makes a margin on the loan. So the bigger the loan the more the bank makes. What is wrong with the commission being a profit share?

  • Anonymous | 23 Nov 2018, 05:05 AM Agree 0
    What more do we expect from Matt comyn, a man who managed retail banking at CBA since 2012. We all know where his heart and soul is. I feel sorry for this industry. If “fee for service” goes through, Royal commission was waste of time and waste of tax payers money. Customer will not benefit from this at all. They say the customer will save on interest, well I suggest customers think about locking in because that savings in interest will be eaten up quickly by the banks greed and I see consumers loosing out long term.
  • | 10 Dec 2018, 06:55 PM Agree 0
    What the RC should have asked CBA CEO is how much does he do to earn his disgusting commission and salary. If he was honest , the answer would have been, next to nothing.
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