Perth-based Alliance Finance no longer has exclusive access to the members of cluster group IBNA. GE Commercial has been brought on board, and a third funder – believed to be CGU Premium Funding – will be appointed soon to complete a three-member premium funding panel.

The decision to add more premium funders to IBNA’s list is understood to have followed widespread member dissatisfaction with its decision to form an exclusive joint venture with Alliance. Many members also had long-standing arrangements with other premium funders.

CEO Peter Imeson said the decision to use two “preferred” funders alongside the Alliance joint venture followed comments from members. “Those comments went to the Chairman and the board and they agreed to do something about it,” he said.

GE Commercial and the as-yet-unnamed third supplier have been chosen “on a purely objective basis [having] the majority support of members”.

“An arrangement where two preferred funders together with the Alliance joint venture are endorsed premium funding providers by IBNA is appropriate in the context for delivering member choice, competition and compliance with the objectives of the Financial Services Reform Act,” Mr Imeson said.