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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Mortgage brokers now legally bound by best interests duty

By Grace Ormsby

February 07 2020
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Invest

Mortgage brokers now legally bound by best interests duty

By Grace Ormsby
February 07 2020

Mortgage brokers are now legally required to act in the best interests of their clients, thanks to the passing of legislation through both houses of Parliament this week.

Mortgage brokers now legally bound by best interests duty

By Grace Ormsby

February 07 2020
Share

Mortgage brokers are now legally required to act in the best interests of their clients, thanks to the passing of legislation through both houses of Parliament this week.

The Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers [2019 Measures]) Bill 2019 was passed on Thursday, 6 February 2020.

It requires credit licensees and representatives to act in the best interests of the consumer in relation to credit provision and assistance.

Credit representatives will also now be required, by law, to give priority to the consumer’s interests if they are aware of any conflict between the consumer’s interests and their own interests.

The act also aims to address conflicted remuneration for mortgage brokers.

The bill implements recommendation 4.2 and recommendation 4.7 from the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

The bill digest outlining the legislation said “the bill largely puts in place various recommendations of the Hayne royal commission – with one exception”.

That exception relates to conflicted remuneration and Hayne’s recommendation 1.3 from his final report, which called for the borrower, not the lender, to pay a fee to the mortgage broker for acting in connection with home lending.

The new regulations as outlined in the legislation will require the value of upfront commissions to be linked to the amount drawn down by borrowers instead of the loan amount.

Speaking in the Senate about the bill before its passage, Senator Richard Colbeck explained that in addition, the period over which commissions can be clawed back from aggregators and mortgage brokers will be limited to two years, and passing on this cost to consumers will be prohibited.

“After careful consideration, the government decided to delay consideration of aspects of commissioner Hayne’s recommendations for mortgage brokers – namely, moving to a borrower-pays remuneration structure – until a review is carried out in three years’ time,” he outlined.

Despite this, the legislation does serve the purpose of banning campaign and volume-based commissions and payments, and cap soft dollar benefits.

Any failures to meet best interests or conflicted remuneration obligations could see brokers hit with penalties of more than $1 million.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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