ISCOVER
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.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
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.
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]
