Brokers need to keep customers "front and centre" in order to navigate the “dynamic and challenging” landscape created by increasing regulatory intervention, according to a major aggregator.
At its Digital PD Day, held on 14 June, PLAN Australia said brokers should focus on customer service and productivity to manage regulatory changes.
Anja Pannek, PLAN Australia CEO said at the event: “The key thing we need to keep top of mind is that customers should remain front and centre. Mortgage brokers play a critically important part in helping customers through some very challenging and tough decisions.”
Speaking on the ASIC review into broker remuneration released in May and the Retail Banking Remuneration Review by Stephen Sedgwick AO, released in April, Ms Pannek said that change was inevitable.
Both reports suggested ‘soft dollar’ payments and volume-based incentives be scrapped.
However, Ms Pannek added: “One thing I am very passionate about is that we maintain competition and a very viable and healthy broker market, as this will lead to the best outcomes for consumers.”
The Digital PD Day featured panellists from AMP, Buyer's Choice and Pepper Money as well as sessions on investment lending, how PLAN Australia’s technology platform, Podium can be used by brokers to improve business processes and how brokers can assist first home buyers.
PLAN Australia is set to exceed $65 billion in total lending across the residential and commercial sectors in the 2017 financial year, according to Ms Pannek.
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