The government has stepped back from its pledge to ban trailing commissions from mortgage brokers from July 2020. The royal commission into misconduct in the banking and financial sectors found that trailing commissions should be banned and replaced with an upfront payment to brokers from the borrower, rather than the bank.
The ban seeks to put an end to previous practice which saw some brokers put their own interests ahead of borrowers, directing clients to institutions that would offer them a greater commission. The Coalition initially agreed with the royal commission's findings, but on Tuesday announced a three-year-review into the practice, which will be conducted by the ACCC and the Council of Financial Regulators.
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Assistant treasurer accuses Labor of lying about negative gearing numbers | Sky News AustraliaAssistant Treasurer Stuart Robert is the latest Coalition MP to accuse Chris Bowen of ‘lying’ about the data sets behind Labor’s negative gearing reforms.\n\nHis comments echo those of Treasurer Josh Frydenberg, who said Mr Bowen had been ‘caught out’ after the Australian Bureau of Statistics denied it had produced data showing that only seven per cent of property investors bought new homes.\n\nThe Shadow Treasurer has used those figures repeatedly to back his housing policy, but Mr Robert says the ABS ‘doesn’t collect the data that is purported to be relied upon’.\n\nMr Bowen is defending the costings, saying the source of the figures was the Parliamentary Budget Office, which had consulted with the ABS and the RBA over owner-occupier lending data.\n\n\n\n\n\n stuartrobertmp I don't trust Stuart with numbers. stuartrobertmp Remembering, Robert is the man who charges the tax payers $24,000 a month for internet access, who should we trust ! Robert ! I don't think so!!!!!!!! stuartrobertmp This has backfired already.... now you are pouring fuel on yourself! Embarrassing ! Kieran_Gilbert
Source: SkyNewsAust - 🏆 7. / 78 Read more »