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- ANZ tips double rate cut over next six months
- Connective passes pricing power to brokers
- Tony MacRae the new Westpac broker GM, as Huw Bough returns to RAMS
- 'Incentivised inefficiency' prompts fixed-fee legal service
- Westpac offers $1,000 cash back for new home loan applications
- 'Maturing landscape' the backdrop to new LJ Hooker Finance/ AFG partnership
- Risk-averse Australian investors settle for lower returns – global survey
- Share market concerns 'coaxing' FHB, investors back into market
- Nervous borrowers cling to fixed rate steadiness - ING Direct
- If not so serious Big Bank Switch would be a joke - AFG
- Ballast: Few boundaries between broking and financial planning
- Another key LoanKit BDM appointment in Victoria
- Brokers will not lose out in One Big Switch deal says MEZY chief
- Take ASIC seriously warns aggregator
- Financial planners not a threat to brokers - Liberty Network Services
- Rainy days no washout for mortgage holders says market leader
- MFAA boss says NCCP gives brokers certainty
- Exit fee ban helping non-banks
- NAB ties not a factor says MFAA president-elect
- Brokers acknowledged as equals, says major lender
By Tim Neary
September 30, 2011
Mark Hewitt
The Big Bank Switch switching campaign would be laughable if it wasn't putting people's property on the line, AFG's Mark Hewitt has said.
Following the naming of the four non-bank lenders One Big Switch has brought onboard in the now much publicized Big Bank Switch switching campaign, the mortgage broker's GM for sales and marketing has questioned its "sweeping pronouncements" about financial advice in Australia being 'crap' - especially when it is not prepared to provide financial advice itself.
"The disclaimers on the emails that they're sending out makes it clear that their so-called 'members' are on their own when it comes to deciding whether or not a mortgage deal is right for them," he said.
In addition, he said existing mortgage brokers already provided a one-stop-shop service to their customers - with access to a panel of over 800 products.
"Instead of keeping consumers on tenterhooks, it's time One Big Switch came out and said who is on their lending panel Australia wide."
Hewitt also said the problem for consumers with the campaign is that it has failed to attract any major lenders to its panel.
Related Stories
Brokers will not lose out in One Big Switch deal says MEZY chief - Mortgage EZY has always dealt with brokers and it always will, CEO Garry Driscoll has confirmed, as he dismissed concerns that the Big Bank Switch switching campaign would result in widespread broker client loses.
Kathy Cummings: Channel conflict eliminated - Commonwealth Bank has a very clear and well understood channel parity policy that has virtually eliminated channel conflict, Kathy Cummings has claimed.
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