Login
ISCOVER
Jessica Darnbrough
NCCP will drive greater consolidation across the broking industry according to a senior Westpac executive.
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.
Speaking to The Adviser, Westpac’s group executive retail and business banking Rob Coombe said as companies start to feel the full effect of the new legislation, they will look to consolidate.
According to Mr Coombe, whenever there is a big period of change for an industry, such as the introduction of new legislation, consolidation is inevitable.
“I have seen it time and time again in the financial planning industry, and the mortgage broking industry will be no different,” Mr Coombe said.
“Often, this consolidation is facilitated by large institutions. However, before too long this consolidation tends to fracture. A lot of people don’t like working for institutions, and I think institutions believe that by owning something, they can control its flow and it doesn’t happen like that.
“Moving forward into this new legislated environment, I expect to see a period of consolidation, driven by the industry’s larger institutions, followed by a period of fracture.”
Mr Coombe joined Westpac with the acquisition of the BT Financial Group in 2002 and has over 28 years experience in banking, insurance, finance and wealth management.
He started with BT in 1991 and held a number of positions, including senior legal counsel, head of BT's international funds management and chief executive officer of BT's funds management business in Malaysia.
Prior to joining BT, Rob accumulated ten years of experience in commercial banking, property investment and funds management.
