The FBAA has criticised the banks’ decision to cut commissions, stating that brokers are being unjustly targeted to carry the burden of the credit crunch.
Peter White, FBAA national president, said a disproportionate component of the increased cost of funding fell on the broker community and questioned whether banks would also adjust internal staffing and other sales and marketing overheads.
“Many major financial institutions don’t even blink twice at multi-million dollar corporate sponsorships and with their livelihoods at stake a lot of brokers would rightly be questioning how this type of expenditure will be affected,” Mr White said.
“Everyone accepts the going is tough at present,” Mr White conceded, but he said it seemed everyone had been dealt some hurt by the banks, yet their collective bottom-line did not seem to be suffering at all.
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