The mortgage broking industry successfully fought off the Hayne Royal Commission’s recommendation that trailing commissions be abolished and that banks stop paying upfront commissions to brokers.
It is also trying to leverage its influence within the Coalition to overturn common-sense rules requiring the industry to act in the best interests of its clients, as applies for financial planners.
Consumer group Choice is having none of it, however, demanding Australia’s politicians pass best interest duty reforms recommended by the Hayne Royal Commission: