SmartCompany, February 12, 2019
The political temperature surrounding potential sweeping changes to the mortgage broking industry has tempered somewhat over the last day, with Prime Minister Scott Morrison expressing support for the industry.
However, brokers remain concerned politicians will push ahead with what they believe are damaging reforms, and are turning to activism to apply additional pressure.
They fear banking royal commission recommendations which would do away with the current commission-based revenue model in the industry could drive them out of business.
Delivering an address to the National Press Club yesterday, Morrison said he doesn’t want to see the sector “wither on the vine”, pledging to work closely with the industry on implementing reforms.
“I don’t want to see this sector wither on the vine and be strangled by regulation that would throw them out of business, but more importantly would deny choice and competition in the banking system,” Morrison said. READ MORE: https://www.smartcompany.com.au/finance/mortgage-brokers-royal-commission/?utm_campaign=SC&utm_medium=email&utm_source=newsletter