Bank battle costs sponsorship
PAA’s attempt to take on the banks over practises it says are undermining advisers looks to have cost it a major sponsor at this year’s adviser conference.
Sunday, July 9th 2017, 8:24PM
by Susan Edmunds
The adviser association's board sent a fierce email to members, in which it said it had been made aware of the "unsavoury practises" of one major bank.
It is believed that some lenders are prioritising mortgage applications received by their own staff, over those from brokers. That is particularly the case for lending over 80%.
“Either banks should be offering their products across the board or not at all. The PAA thinks the products should be available to everyone,” said PAA chief executive Rod Severn.
The banks did not make public comment on the email but were understood to be upset at its tone and content.
Now, the National Adviser Conference 2017 website no longer lists ANZ as a silver sponsor.
Instead, ANZ Investments has been listed as a bronze sponsor. ANZ’s insurance interests are still represented by OnePath’s sponsorship.
Only ANZ’s mortgage interests are not covered under the new sponsorship arrangement.
The PAA and ANZ both refused to comment. ANZ said its sponsorship deals were confidential.
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