BankWest severs ties with most brokers
Bank of Western Australia has this week cut the majority of accredited brokers, including some aggregator groups, from its panel.Mark Reid, head of retail sales for BankWest, said the bank cut 59 brokers from its panel. He said the bank retained 17 broker relationships.Reid said this group accounted for between 85 per cent and 90 per cent of new business.He said brokers cut from its panel tended to produce little volume, had little familiarity with the bank's loan and had a high error rate. He said these brokers may be better off concentrating of the lender relationships where they sent most business.BankWest has said it will maintain existing broker commissions until the end of the year.