Brokers unlikely to be examined by Royal Commissioner. But what about Banks and Approval Systems?
Despite recent media speculation that the upcoming Royal Commission will delve into mortgage brokers, the draft terms of reference hint that this is unlikely, said one industry association head. “For me … the ASIC rem review is off the table because it’s already been investigated. You’d be duplicating an inquiry or investigation that the regulator has already undertaken,” he told Australian Broker.
There is no basis for any media claims made that brokers will be included in the Royal Commission, he said.
ASIC’s rem review and the Sedgwick report had already laid much of the groundwork, he told Australian Broker.
“Neither of these found systemic poor outcomes or systemic harm to consumers which we believe will stand us in good stead, regardless of the direction the Royal Commission takes.”
Likewise, the Commission would not impact the work currently being done through the CIF, Felton said.
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