Australian commission ban likely to scare NZ mortgage brokers

Mon, 04 Feb 2019

By Jenny Ruth Feb. 4 (BusinessDesk) - The 76 recommendations from Australia's royal commission on banking include sweeping reforms. The ones most likely to cause shock waves in New Zealand include banning commissions paid to mortgage brokers, the repeal of grandfathering of conflicted remuneration for financial advisers and a ban on hawking all superannuation and insurance products, including those covering funeral expenses. Australia's federal government has pledged to “take action” on all 76 recommendations. While Commissioner Ken...

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