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Westpac gives commissions assurance

by Staff Reporter7 minute read
The Adviser

Jessica Darnbrough

Westpac has pledged that it will not move on broker commissions in the foreseeable future.

Speaking at the Major's ‘Broker @ the Centre’ roadshow in Sydney earlier this week, Westpac’s general manager third party distribution Melos Sulicich said the bank had no plans to review or change its current commission structure.

“We are always reviewing our commission structure to see if it is appropriate for our broker partners. And, for the time being, I can safely say that we are happy with our current structure and do not intend to move on commissions.”

In recent weeks competition has heated up amongst the majors and second tier banks. Westpac has sent a clear message to brokers, with the banks general manager broker distribution, Huw Bough stating "we are open for buisness".

Moreover, the bank has made it clear that brokers will be a key channel for the lender, with more than 65 per cent of new to bank customers coming through the third party distribution channel.

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