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CBA-owned aggregator not dropping lenders from panel

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CBA-owned aggregator not dropping lenders from panel

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James Mitchell 2 minute read

The chief executive of eChoice has assured brokers that CBA-owned Finconnect will not be cutting any lenders from its panel after it acquired the boutique aggregator.

The Adviser received a number of calls from eChoice brokers concerned that the Finconnect panel would be smaller than the eChoice panel and fearing they would not have access to some mutual and non-bank lenders.

The issue comes after eChoice CEO Peter Andronicos emailed brokers explaining that the lender panel currently available to them at Finconnect will be “very similar” to the panel they had access to under the eChoice licence.

The lenders listed on the Finconnect panel are Adelaide Bank, AMP, ANZ, Australian First Mortgage, Bank of Melbourne, BankSA, Bankwest, Citi, CBA, Firstmac, Global Direct, ING Direct, Key Start, La Trobe Financial, Macquarie, ME Bank, NAB, Pepper, Scottish Pacific, St. George, Suncorp Bank and Westpac.

Blake Buchanan, who served as eChoice’s general manager of aggregation for close to three years, was made redundant following the sale of the aggregator to Finconnect late last year.

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The loss of Mr Buchanan, coupled with the new bank ownership, has caused a number of brokers to begin jumping ship.

[Related: Major bank subsidiary snaps up aggregation business]

CBA-owned aggregator not dropping lenders from panel
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James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

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