PAA vs the banks: Round one

Brokers can't live without banks and it seems more and more banks need brokers. While three big banks, ANZ, ASB and Westpac, have dominated the mortgage adviser space for many years that has all changed in recent times.

For instance, BNZ realised it needed third party distribution, and the smaller banks have all ramped up their activity in the third party space. It's really a no-brainer as around 35-40% of all home loans are originated by mortgage advisers.

It's no secret that brokers often grumble about banks and how they are treated. While there is talk of partnerships, brokers often feel like they are treated as the poor cousins, compared to banks' branch networks and their mobile mortgage managers.

The tension was smashed on Friday when the Professional Advisers Association sent an email to members more than firing a shot across the bows of banks - one in particular.