Aggregator slams “scaremongering” around ASIC review

by Miklos Bolza27 Feb 2017
The director of national aggregator Connective has criticised media coverage of the ongoing broker remuneration review.

In a speech at the RFi Group’s Australian Mortgage Innovation Summit 2017 on Friday (24 February), Mark Haron slammed the “bloody scaremongering” of certain journalists covering the report.

“I’m very disappointed in some of the misrepresentation addressed around it,” he said.

Despite these stories, he predicted the Australian Investments & Securities Commission (ASIC) would not be swayed on how they felt about the matter.

“They’re very much down the track – 99% of the way there.”

He said that ASIC would leave current conditions for upfront, trail and clawbacks for brokers alone and would focus on the vertically integrated aspects of the industry instead.

“There will be a focus on the white-label products sitting inside aggregators and a focus on the relationships and payments between lenders and aggregators. The lenders and the aggregators are going to cop it the most.”

For brokers, the biggest impact will be more disclosures on conflicts of interest, he said.

Related stories:

ASIC promises "well informed" remuneration review

ASIC still finalising remuneration review

Ban on broker commissions “unlikely”

COMMENTS

  • by Really? 27/02/2017 4:03:57 PM

    He may be right....the only comment would be, that whenever the aggregator & lender cop it, they always past on the cost the end user....brokers.

  • by Concerned Broker 27/02/2017 6:36:49 PM

    Spot on! If the aggregator wears it we will wear it as a result. Watch connective jack up there pricing the second they have an excuse.