Welcome to this fortnight’s issue of our Banking Sector newsletter.
In response to recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the Government announced it would introduce a best interests duty for mortgage brokers and reform mortgage broker remuneration. Since then, the industry consultation process has been completed and a draft bill and regulations have been introduced which makes changes to mortgage broker remuneration, limits the period over which commissions can be clawed back to two years, and prohibit the cost of clawbacks being passed on to consumers. More details are included in our newsletter.
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