NEWSLETTER – Banking Sector Newsletter (Issue 44)

12 September 2019


Welcome to our fortnightly banking newsletter. 

This week’s edition provides details of the Government’s plan to introduce a best interests duty for mortgage brokers and reform broker remuneration by requiring the value of upfront commissions to be linked to the amount drawn down by borrowers instead of the loan amount, banning campaign and volume-based commissions and payments, and capping soft dollar benefits.

It also contains details of the Government’s “Royal Commission implementation roadmap”. The roadmap sets out timelines for consulting on and introducing relevant legislation for each of the recommendations made by the Commission, with a view for the majority to commence by 1 July 2020.   

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