Managing director of the Finance Brokers Association of Australia Peter White AM said recently announced plans by ANZ to dramatically increase its branch lending sales force should not come as a surprise.

He said mortgage brokers have been hearing similar rhetoric from other major banks for some time and it’s part of their playbook.

“I’m not referring specifically to ANZ, but let’s just say a few of the majors have been obsessed for a while about increasing their direct business and in some cases reducing support for the broker channel, but they are missing the point.”

“It’s not about brokers and it’s not about the banks. It’s about the customers and they are overwhelmingly putting their trust in mortgage brokers.”

Mr White said he understands that banks are focused on profits for their shareholders, but is continually amazed at how such large organisations with smart people “often can’t see the forest for the trees.”

“While technology is rapidly advancing, the attitudes of some of the larger banks remain stuck in the past, and they can’t seem to embrace today’s competitive and customer-driven environment.”

“Let’s make it real – the big banks hate competition and if they had their way they’d go back to the old days when a few of them controlled the market.

“But the losers back then were consumers, and this was highlighted not so long ago at the royal commission, which we must remember was set up to investigate misconduct of the banks.

Mr White said recent actions by the big banks including re-establishing practices that were criticised by the royal commission, makes him doubt that they have learnt their lesson.

“Meanwhile mortgage brokers are adhering to Best Interests Duty and acting in the best interests of the customer.”

He said he finds it “somewhat humorous” that some banks still see brokers as competition.

“Borrowers are still customers of the lenders, so this is all just silliness to me.”

His message to brokers was to “keep doing what you are doing and providing excellent customer service.

“Hopefully soon the big banks will get it, as other lenders already do, and focus their energy on working with the broking channel in the best interests of our mutual customers.”