The final report of the Hayne Royal Commission called for a “best interest duty” on mortgage brokers that would require the industry to act in the best interests of their clients and mirrors obligations imposed on financial planners. However, Australia’s mortgage broking industry is fighting back against the reforms. From The Brisbane Times:
[AFG chief executive David Bailey]… said the best interests duty for mortgage brokers should acknowledge that brokers often dealt with simpler matters than financial planners — who already face their own detailed best interests duty.
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