Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

ASIC briefs O’Dwyer on remuneration review

Notify me of new replies via email
Australian Broker | 16 Mar 2017, 08:23 AM Agree 0
Reports have emerged that ASIC has recommended the elimination of certain types of broker incentives
  • SEQ Broker | 16 Mar 2017, 09:56 AM Agree 0
    Really? And how much money did that cost the taxpayer?
  • Aaron | 16 Mar 2017, 10:10 AM Agree 0
    and how long did it take? Luckily we didn't put our business's on hold until the outcome......
  • Skeptikal | 16 Mar 2017, 10:11 AM Agree 0
    What about Banks insisting on minimum volume requirements and cancelling Brokers accreditations if they do mot meet them. Encouraging Brokers to use a particular bank so they don't lose their accreditation. That should also be bannef
  • Concerned Broker | 16 Mar 2017, 10:31 AM Agree 0
    So 12 months of hanging an ace over the entire industry for this great thanks Kelly I know I won't be voting for you morons come the next election
    • Better The Devil You Know | 16 Mar 2017, 12:55 PM Agree 0
      So you would have Shorten come in and abolish negative gearing then? That ain't gonna be good for business!
  • What a joke | 16 Mar 2017, 10:36 AM Agree 0
    Why is this not the top story on your page.

    Who cares about anything but this right now!!!
  • | 16 Mar 2017, 10:51 AM Agree 0
    When you find someone to vote for, who is not a moron let us know
  • Angry | 16 Mar 2017, 10:53 AM Agree 0
    Great well let's hope they keep their noses out of it moving forward
  • Hilly | 16 Mar 2017, 10:54 AM Agree 0
    How many loans is "More than necessary"??? Are overseas trips for regulators also off the table?
    • very true | 16 Mar 2017, 02:23 PM Agree 0
      haha... the gov and regulators spend more money than necessary. I watched this O’Dwyer talk on tv... lets just say we need to replace this person urgently, she must have tripped into that position accidentally.
  • Haha | 16 Mar 2017, 10:57 AM Agree 0
    Haha well you make a good point there.
  • Pathetic | 16 Mar 2017, 11:00 AM Agree 0
    What a waste of time, effort and money. If you want to know if consumer outcomes are being negatively effected just look at broker market share.
  • Double Standards | 16 Mar 2017, 11:01 AM Agree 0
    Will the bonus structures of home loan officers employed by the banks also be adjusted? I doubt that very much. These are roles with low base salaries that make employees reliant on bonuses to earn a decent income. So if you are going to question the incentive driven practices of one group, make sure you do so for all groups in the industry.
  • Cranky old broker | 16 Mar 2017, 11:31 AM Agree 0
    Do in house bank lenders have quotas & incentives to work with ??? Ban this too . It's amazing what bank lenders will approve to meet their targets !!!
  • WorseToCome | 16 Mar 2017, 12:57 PM Agree 0
    The next big shake up will come when ALP gets in and abolishes Negative Gearing. Watch your business collapse then!
  • Average Joe | 16 Mar 2017, 01:31 PM Agree 0
    "ASIC has recognised that mortgage brokers serve a useful service to consumers by allowing smaller lenders to compete with the major banks at a national level."

    It took them how long to figure this out? They want to save the consumer but how much did this run around cost the tax payer? Talk about disclosure documents... tax payers are footing the bill and they have no idea.
  • Tired Broker | 16 Mar 2017, 01:36 PM Agree 0
    I wonder if they couldn't find issues so had to recommend something or else it would be an embarrassment... so they've picked soft dollar incentives... quite irrelevant to consumer outcomes. Every industry in the world rewards people for performance, it's completely normal and healthy. What about industry awards, are those volume incentives too?
  • Nick | 16 Mar 2017, 01:53 PM Agree 0
    More loans than necessary? How did they figure that one out...

    Australia's regulation priorities amaze me. We speak of poor consumer outcomes, I know it's off topic but has anyone else noticed a particular industry where conflict of interest has your life at stake? The last time I checked, no doctor provides disclosure for their prescription kick backs, fancy trips or whatever incentives they receive. Brokers have had enough scrutiny, can we please move on from this so we can focus on more important issues.
  • Marty McDonald | 16 Mar 2017, 02:20 PM Agree 0
    Well I for one applaud ASIC's actions and the outcome is a fantastic endorsement of our industry. We should all be ecstatic with the result and thanking ASIC for their vote of confidence. Don't be negative about it!

    From now on when anyone tries to smear our collective reputation such as fairfax journos or lenders not engaged with the 3rd party channel (or those in it with an axe to grind) we can all just point them to ASIC's review and tell them to go jump in a lake. Whohooo.
    • marty mcdonald | 16 Mar 2017, 05:35 PM Agree 0
      I take it back! I was reading the AFR which seems to imply nothing! Then I read the actual report which is a whole different stoty
  • Broker | 16 Mar 2017, 02:20 PM Agree 0
    Great news - now lets hope the majors don't use this as an opportunity to reduce what we are paid.
  • Stephen Catterall | 16 Mar 2017, 03:12 PM Agree 0
    This is a common sense outcome for once by the regulator, brokers have to note however that "Any wholesale reform of mortgage broker commissions could have upset the delicate balance between protecting consumers and ensuring that there is no substantial lessening of competition" and this is the main and maybe only reason the model has not been changed.

    I would be taking this as a win if I was a broker, and certainly my brokers are happy, and, it is good that the banks do not have the monopoly on the mortgage industry.

    This will be a sigh of relief for many I am sure, well done.
  • WA Broker | 16 Mar 2017, 03:15 PM Agree 0
    Well Said, This is an opportunity for all of us to move on and focus on our Business, and not a time to be crowing about the result or having a go at any particular parliamentarian or public servant.

  • | 16 Mar 2017, 05:44 PM Agree 0
    Yep the actual report is a total stitch up for brokers
Post a reply