Brokers prepare to report bank practices

Brokers are preparing to start lodging formal complaints against banks for allegedly breaking consumer protection rules, writes Jon Ihle.

26th May, 2012

Brokers are preparing to start lodging formal complaints against banks for allegedly breaking consumer protection rules, by using data taken from account transactions to push proprietary products on their customers.

Last week, the Professional Insurance Brokers Association (PIBA) accused banks of monitoring account details of their customers and using the information to get them to switch from independently sourced financial products to ones provided by the bank.

PIBA has now distributed guidance to its 850...

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