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The aggregators have joined peers in issuing guidance to their broker networks in response to the “significant disruption” caused by the coronavirus outbreak.
Broking industry associations and aggregators alike have reached out to members to outline their response to the coronavirus (COVID-19) crisis, which poses an ongoing threat to business activity and the broader economy.
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The Australian Finance Group (AFG) and Purple Circle are the latest aggregators to weigh in and issue guidance to their broker networks.
AFG
In a message to AFG’s network of 3,000 brokers, CEO David Bailey has acknowledged that the virus would cause “significant disruption” to everyday activity, but stressed that the health of its members is its main priority.
“First and foremost, the health and safety of our brokers and our staff is our top priority, and we have put things in place that will allow AFG to continue to deliver its services to our members with minimal disruption,” he said.
“We are preparing our staff to work from home for a period, and we are prioritizing workflows to ensure we can support our brokers and their customers.”
In light of the social distancing measures advised by health authorities, Mr Bailey said AFG would be hosting webinars to keep its members informed and address key business concerns, including non-face-to-face interview guidance, lender policies and support.
“We are also working closely with the lenders to ensure the changing circumstances are reflected in how they expect brokers to interact with customers,” he added.
“In addition, we are expanding the hours of our AFG Business support phone lines as we anticipate small-business operators will be looking to their brokers for assistance.”
Mr Bailey concluded: “The situation is not going to resolve itself overnight, we need to remain calm and informed.
“AFG will continue to stay focused on assisting our brokers in every way we can. We all need to be part of the solution and play our part by supporting each other.”
Purple Circle
Meanwhile, Purple Circle Financial Services has announced a number of measures to assist its broker network, which include:
- hosting webinars discussing the use of technology when operating remotely,
- structured training on the different tools and applications available to members,
- offering practical business tips and guidelines,
- providing in-house tech support to assist with implementation,
- education regarding lender relief packages available to clients, and
- providing detailed analysis of lenders’ face-to-face interview and identification requirements.
Purple Circle COO Frank Paratore said that brokers will depend on their aggregators in this time of uncertainty.
“In these unprecedented times and as we come to terms with COVID-19, now more than ever, aggregators need to support their members,” he said.
“This package of support is by no means exhaustive, and in the environment and landscape we currently face, we are enabling our members to be agile in action, adapt to the changing environment and adopt technology in order to grow and prosper through challenging times.”
Moreover, in line with advice to contain the spread of the coronavirus, Purple Circle has stated that its directors have taken steps to “minimise the risk and impact to our staff, our members and the broader community”.
As a result, effective from Tuesday, 17 March, Purple Circle has:
- implemented a work from home policy,
- cancelled all non-essential travel, and
- replaced any face-to-face meetings with technology-based engagement.
[Related: ‘Be alert, not alarmed’: Aggregators react to COVID-19]
