ING confirms commission to remain static
(13 October 2010 – Australia) ING Direct has confirmed that the lender has no current plans to change the way it pays commission to its broker partners in the immediate future.
Commission changes are not on ING Direct’s agenda, Mark Woolnough, ING Direct’s head of partnerships broker sales told The Advisor.
Lowering commissions simply serves to lower the standard of broking in the industry and that certainly does not benefit us, the broker or the customer, Mr Woolnough said, speaking from the bank’s road show in Sydney.
ING relies on brokers to build our business. Currently brokers write about 75 percent of ING DIRECT’s mortgage business, so they are understandably a vital channel to us. We are never going to build our business or help them build theirs by tweaking commissions, Mr Woolnough highlighted.
Mr Woolnough’s comments follow announcements made by both Westpac and subsidiary St George that they would be restructuring the way they pay commissions to their broker partners.
Lowering commissions simply serves to lower the standard of broking in the industry and that certainly does not benefit us, the broker or the customer, Mr Woolnough said, speaking from the bank’s road show in Sydney.
ING relies on brokers to build our business. Currently brokers write about 75 percent of ING DIRECT’s mortgage business, so they are understandably a vital channel to us. We are never going to build our business or help them build theirs by tweaking commissions, Mr Woolnough highlighted.
Mr Woolnough’s comments follow announcements made by both Westpac and subsidiary St George that they would be restructuring the way they pay commissions to their broker partners.
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