The government has stepped back from its pledge to ban trailing commissions from mortgage brokers from July 2020. The royal commission into misconduct in the banking and financial sectors found that trailing commissions should be banned and replaced with an upfront payment to brokers from the borrower, rather than the bank.
The ban seeks to put an end to previous practice which saw some brokers put their own interests ahead of borrowers, directing clients to institutions that would offer them a greater commission. The Coalition initially agreed with the royal commission's findings, but on Tuesday announced a three-year-review into the practice, which will be conducted by the ACCC and the Council of Financial Regulators.
stuartrobertmp I have used a mortgage broker once. I think the lender has to be more involved in the loan application rather than relying on the mortgage broker to put the application together
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Morrison govt abandons mortgage broker commission ban | Sky News AustraliaThe Morrison Government is abandoning a proposed ban on mortgage broker trailing commissions, in a major win for the sector. \n\nThe government's decision goes against the recommendations of the Banking Royal Commission report and will create a point of difference between the Coalition and Labor, which is promising to push forward with the ban. \n\nTreasurer Josh Frydenberg says the government is rejecting the recommendation because it wants to keep competition in the mortgage market. \n\nImage: News Corp Australia \n\n\n\n\n\n\n\n\n JimMolan ASIC is the SEC of Australia and like the SEC is bloody useless unless a giant vacuum cleaner sucks the rubbish out of it. JimMolan stop bullshitting, vast resources HAVE NOT been given to the ASIC JimMolan That is what the royal commission was supposed to do. Another waste of $50 million. The LNP knew a RC would achieve nothing.
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Source: SkyNewsAust - 🏆 7. / 78 Read more »