Coronavirus (COVID-19) updates from the Australian Government

ASIC review of mortgage broker remuneration

This consultation process has now been completed. Submissions available
Date
-
Consultation Type
Invitation to Comment

Key Documents

As part of the Government's response to the Financial System Inquiry (FSI), Improving Australia's Financial System 2015, the Government requested ASIC undertake an industry-wide review of mortgage broker remuneration.

The Review found that the current mortgage broker remuneration and ownership structures create conflicts of interest that may contribute to poor consumer outcomes.

The Review outlines a number of proposals for industry aimed at improving consumer outcomes, including:

  • improving the standard commission model for mortgage brokers;
  • moving away from bonus commissions and soft-dollar benefits;
  • increasing the disclosure of mortgage broker ownership structures; and
  • improving the oversight of mortgage brokers by lenders and aggregators.

The proposals outlined in this paper are intended to elicit specific and focused feedback, and should not be viewed as a statement of the Government's final policy position.

The Government invites all interested parties to make a submission on the proposals outlined in this paper.

Submissions

36 submissions were received for this consultation, including 9 confidential submissions.

Aussie Home Loans - pdf 223.62 KB
Australian Finance Group - docx 149.37 KB
Connective - pdf 7.43 MB
FBAA - pdf 500.3 KB
French, Shawn - docx 37.68 KB
Futurity - pdf 52.34 KB
Howard, Tim - docx 28.2 KB
Joint Consumer Group - pdf 714.6 KB
Loan Market - docx 36.3 KB
Loans Actually - pdf 741.07 KB
Mortgage Choice - pdf 184.98 KB
NAB - pdf 86.49 KB
RFS Finance - docx 79.92 KB
Rice Warner - pdf 516.88 KB
Smartline Home Loans - pdf 2.51 MB
Specialist Finance Group - pdf 462.58 KB
Thatcher, Barry - docx 29.29 KB
Westpac - pdf 398.56 KB