As a Finance broker myself, I know that approximately 70% of banking business is generated through external broker channels for Suncorp. If the recommendations are put into place regarding Brokers,this will give the big 4 the total market control at the detriment to the consumer. The ramifications in regards to this for the broker industry and smaller banks and building societies is going to be disastrous. You are looking at hundreds of thousands of people that will be out of work and the smaller banks gobbled up by the big 4Mortgage books will be sold off to the highest bidder.This came as no surprise anyone in the industry. Big 4 were never going to get slapped they just need to appear to be slapped. They had to find the smallest fish in the sea a nice little scapegoat, it’s the brokers.Since the announcement the big 4 have climb in price quiet dramatically.This has all been about smoke and mirrors only a few will be brought to justice, this will be made very public to appease the sheeple.
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