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The leading industry body has welcomed HSBC’s re-establishment of a relationship with brokers, emphasising that smart banks recognise the advantages of working closely with the third-party channel.
Welcoming the news that HSBC is set to return to the third-party channel, the FBAA has said that it is looking forward to working with them on regulatory, industry and association-related matters.
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The FBAA’s Peter White highlighted that the broking sector now represents over half of all mortgages written in Australia, and therefore smart banks recognise the advantages of working closely with finance brokers.
“We understand that all banks have their own marketing strategies but when the broking channel is ignored the bank misses out on the option of a huge slice of the market,” Mr White commented. “Very few banks can afford this.”
Mr White added that “everyone wins” when brokers have greater choice to offer borrowers.
“Brokers ensure that products are not unsuitable for each individual customer’s needs, so not only does the bank have the opportunity to present its products, but customers win from greater choice,” he concluded.
Mr White’s comments come after The Adviser revealed this week that HSBC is currently on the hunt for a number of key roles to service its new third-party division.
[Related: Consumers 'preference' brokers over branches]
