Banks tardy on making changes to clawback policies
The ANZ has dropped its maximum clawback period for adviser commissions from 27 months to two years, with the clawbacks now diminishing on a pro-rata basis every 30 days.
Other banks have done nothing and one adviser says they continue to make excuses that they are reviewing their respective clawback policies.
“This continued delay feels increasingly like a slap in the face to the mortgage adviser industry which help lenders like the ASB grow their mortgage book annually,” the adviser says.
“Sadly, the ASB doesn’t appear to value the business it receives from the adviser channel given its obvious lack of urgency in reducing existing adviser clawbacks periods.”
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