Major bank "committed" to brokers

by Rebecca Pike11 Feb 2019

In a letter to aggregators a major bank has affirmed its support of the broker channel, but also said it supports a "better model for broker remuneration".

Acting group executive at ANZ, Mark Hand, said the recommended changes to broker pay was clearly a "major concern" for the businesses that make up the broking industry.

But he said it was positive the government and opposition had acknowledged the sector's crucial role and were committed to consultation and gradul implementation. 

Hand said that even with changes to broker pay, ANZ would continue to rely on the industry to promote competition and help customers.

He said, "We support a new broker ‘best interest’ duty and a better model for broker remuneration. As the major parties have acknowledged, changes to remuneration need to take place over time and involve careful consultation with all affected groups.

"Mortgage brokers have been an important partner for ANZ for almost thirty years. We don’t see this changing.

"You all play an important role in helping our customers navigate what can be a stressful and complex process.

"We see brokers as integral to promoting competition and choice within the broader industry. If we work together, I’m confident we can create a better future for both brokers and our customers

"ANZ is committed to the broking channel and we will work with you to help ensure the industry continues to serve Australian consumers within any new regulatory framework."