Brokers hit by commission cut

PIBA, the country’s largest group of independent brokers said there will be major implications for consumers and brokers following the decision by lenders like PTSB and Ulster Bank to reduce broker commissions by up to 50%.

PIBA chairman Jack FitzPatrick said there is no doubt but that this will have a major impact on the independent broker market.

He said many brokerages will have to cut back on staff or consider moving away from providing mortgage advice.