The Australian Investments & Securities Commission (ASIC) has announced it will soon hand over the long awaited broker remuneration review to the government.
Talking to Australian Broker
at the Responsible Lending and Borrowing Summit in Sydney yesterday (28 February), Chris Green, group senior manager of credit at ASIC, said the review would be delivered within a “couple of days”.
“There’s a lot of data to go through but it’s very close to being done.”
He said ASIC expected the government to publish the review but that it was not sure about the exact timing of when this decision would be made.
In a keynote address delivered at the Summit, Green also described the detailed nature of the data requested by the regulator.
“We asked for data on a loan-by-loan basis for all residential mortgages in both 2012 and 2015 from most of the home loan lending market,” he said. “We were provided with details in relation to nearly one and three quarter million loan facilities and about 150 data fields for each of those loans.”
This is to help ASIC in its main objective: producing a clear picture of mortgage broker remuneration structures and trends. In doing this, the review will look at both the broker channel and the proprietary channel as a point of comparison.
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