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BSB 806 015

P&N CEO calls for caution

14 Feb2019

P&N Bank CEO, Andrew Hadley has lent his voice to that of the Customer Owned Banking Association (COBA) and the Mortgage & Finance Association of Australia (MFAA), in calling for a cautious approach in implementing the Hayne Royal Commission recommendation relating to broker commissions.

In writing to WA brokers and aggregators this week, Mr Hadley acknowledged that the broker remuneration recommendation has caused the greatest amount of media and industry conversation.

"As the dust has begun to settle, it's pleasing that so many stakeholders, including the Government, have articulated the need for caution so that unintended consequences do not result in consumers being adversely impacted," Mr Hadley said.

P&N Bank continues to enjoy a collaborative and supportive partnership with aggregators and brokers.  As a small lender, our broker distribution channel gives more West Australians the opportunity to benefit from P&N's products and services. 

"We too support the position that caution needs to be applied to ensure that this particular recommendation does not play into the hands of the major banks which in turn will erode genuine competition for consumers.

"As such, P&N will continue to work with the industry to advocate for a solution that suits all parties and works best for all Australians."

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