Bendigo and Adelaide Bank’s Position on Hayne’s Broker Industry Recommendations

In relation to the broker recommendations contained in the Royal Commission Final Report, we do not want to see a model that is not in the best interests of consumers and that puts the important mortgage broking industry at risk and as a result, reduces competition. This is consistent with how we have always advocated for customer choice and putting customer interests first.

We will work with legislative and regulatory bodies to refine and implement the government-endorsed recommendations, but we will also work quickly and seek industry input where required to ensure we identify any unintended consequences.

We have a long history of supporting brokers through both good and testing times. The recommendations of the Royal Commission have shaken many in our network and will undoubtedly lead to legislative change.

We note the important role brokers play and will continue to play in the market and our mortgage broker partners will continue to remain an important and integral component of our business strategy. We are confident we’ll continue to work effectively through the current business environment in consultation with our partners and stakeholders as the industry evolves.

As part of our commitment to customer choice and competition, we will continue to offer a range of ways for customers to bank with us through both proprietary and partner business models.

Marnie Baker, Managing Director, Bendigo and Adelaide Bank