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Jessica Darnbrough
More than five months after announcing it would re-enter the third party distribution channel, the Bank of Queensland is yet to make its mark in the broking space.
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According to several aggregation groups the bank is still completing its due diligence while it decided on its third party distribution strategy.
The Adviser can also reveal that the bank has contemplated returning to the market with one product – a Self-managed Super Fund offering.
In March this year, a spokesperson from BoQ exclusively told The Adviser that the bank was in the midst of developing a broker program and that re-entering the third party distribution channel was an “immediate short term action that will remain indefinitely”.
“We’re developing a program right now… It’s in the early stages, and there’s a lot of work before we see anything come of it, but it is a priority,” the spokesperson said.
Speaking to The Adviser, Connective principal Mark Haron said the bank is definitely still keen to enter the broker channel despite their lack of action over the last five months.
“They are trying to work out the best broker strategy,” he said.
“BoQ is careful to protect their brand network proposition. That’s the big challenge for them. They want to re-enter the market, but they don’t want to do so at the expense of their other distribution channels.”
Mortgage Choice’s chief executive officer Michael Russell agreed and said the bank was currently still in the “due diligence” phase.
“They will re-enter the market, which will be a good thing for the industry, but they need to make sure their strategy is right before they make any moves.”
The Adviser contacted the bank but was told it is still “too early” in the process for them to speak on the matter.
