ING DIRECT announced last week that it will directly service all accredited broker groups using its own business development managers rather than the ING Australia network.
According to Brett Morgan, executive director of intermediary mortgages at ING DIRECT, the changes were made to allow both ING DIRECT and ING Australia to focus on their core businesses and that it would be “business as usual”.
The news comes on the heels of a recent decision by the group to terminate a number of direct broker accreditations.
ING DIRECT said that the administrative cost for the terminated groups was “disproportionate to the value being generated to ING DIRECT”.
The terminated groups, which account for less than three per cent of the bank’s volumes, have been notified that their agreements will cease from September 1.
“We remain focused on the broker channel” said Mr. Morgan.
“[We] will continue to support quality aggregator groups and brokers who are committed to the long-term future of the third-party channel.” He said.
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