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The Finance Brokers Association of Australia says it is continuing to engage with the federal government over the fate of commissions in the industry.
FBAA’s Peter White recently met with the Minister for Finance and Revenue Services Kelly O’Dwyer and briefed her on a fact-finding document supporting the case to keep the current broking commission structure in place.
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He told Ms O’Dwyer she would receive the global research document by the end of the year.
“At no other time has the broking industry seen a collection of data and other information which comprehensively argues the case for retaining the current broking commission model,” Mr White said.
The document will include a wide range of research detailing how brokers are paid in six overseas markets.
“The data collected proves that our commission environment is globally sound and fundamentally competitive,” Mr White said.
According to Mr White, Ms O’Dwyer is looking forward to viewing the document ahead of the Australian Securities and Investment Commission’s (ASIC) review into remuneration structures.
“We also discussed where matters were at in regards to Treasury’s move to fund ASIC back-to-industry ACL and AFSL holders which was due for announcement around May of this year, and she advised that there is still a long way to go before a decision is reached on the make-up of the new financial industry funding model for ASIC,” he said.
