News / Media release

MFAA response to attack on broker industry

CEO Mike Felton's response to comments made by Westpac on broker remuneration in Don’t blame brokers for big bank misconduct has been the focus of an article published by the Australian Financial Review (AFR).

Mortgage brokers return fire on banks, published 10 April, reports favourably on the value that finance brokers create, and the damage to the consumer and competition should the broker commission remuneration structure be changed to a consumer-based fee for service model.

It should be noted that there is a small inaccuracy in the final paragraph of the article, which states, "The CIF is believed to have formed a sub-committee (sic) as recently as last week to revisit the issue…" where in fact the sub-committee was formed a number of weeks ago to further progress the implementation of the CIF’s proposals that were finalised late last year.

You can read the AFR article here.

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