Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

No changes to commissions: ING DIRECT

Staff Reporter 4 minute read

Jessica Darnbrough

ING DIRECT has confirmed it has no plans to change the way it pays commissions to its broker partners in the immediate future.

Speaking at the bank’s Sydney broker roadshow yesterday, the lender’s head of partnerships broker sales Mark Woolnough told The Adviser that commissions changes were not on ING DIRECT’s agenda.

“Lowering commissions simply serves to lower the standard of broking in the industry and that certainly does not benefit us, the broker or the customer,” Mr Woolnough said.

Advertisement
Advertisement

“We rely on brokers to build our business. Currently brokers write about 75 per cent of ING DIRECT’s mortgage business, so they are understandably a vital channel to us. We are never going to build our business or help them build theirs by tweaking commissions.”

Commission payments have been put under the microscope over the past few weeks after both St George and Westpac announced they would restructure the way they pay commissions to their broker partners.

Late last month, Westpac said it would no longer pay trailing commission on all new loans that are more than 30 days in arrears, while St George cut first year trail payments and restructured upfront in a bid to reward elite brokers.

No changes to commissions: ING DIRECT
default
TheAdviser logo

The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day

PROMOTED CONTENT


default

 

more from the adviser
damian zaleski RYyr k3Ysqg unsplash

Breaking News

GetCapital launches broker platform

The business lender has rolled out a new broker platform, as it h...

fixed rate

Breaking News

Loyalty tax issue flagged to MPs

Brokers are key to holding lenders to account to ensure borrowers...

trade deal contract

Breaking News

Connective launches trail book marketplace

The aggregation group has announced a new arrangement with a spec...