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Better product training required above anti-competitive accreditation policies, FBAA

Media Release

The Finance Brokers Association of Australia (FBAA) today called on the banks to focus on providing brokers with better training rather than unfair accreditation policies if they are truly interested in ensuring brokers remain up-to-date with their products, processes and policies.

The call follows the recent move by Westpac and Commonwealth Bank of Australia, forcing brokers to commit to minimum submission targets in order to retain accreditation.

“The banks have really dropped the ball over the years in terms of providing brokers with sufficient or effective training on products and policies,” said FBAA National President, Peter White.

“Forcing brokers to submit a minimum number of loans to remain accredited is a flawed approach. If the true motivation of the banks is quality control, then they will be better served focusing on lifting the level of training for their products, processes and policies.

 

“The simple fact is the level and effectiveness of training provided by the banks has dropped off significantly and that’s why some applications submitted by brokers may not be exactly aligned with their latest policies.

“Once again the banks have seen fit to wield the stick on brokers instead of looking at what they can do themselves to better the situation.

 

“It just so happens that in this latest instance the banks have also engineered a situation where they will be able to drive volumes, raise additional revenue through re-accreditation fees, and position it under the guise of customer service,” Peter said.