NAB has responded to the government’s plan to ensure mortgage brokers disclose their ownership structures.
The federal government this week agreed with the FSI recommendation that mortgage brokers and financial advisers must disclose their ownership structures.
The government said it will develop legislative amendments to ensure that financial advisers and mortgage brokers adequately disclose their relationships with associated entities.
NAB welcomed the government’s response to the FSI.
“We fully support the government's plan to ensure mortgage brokers sufficiently disclose their relationships with associated entities and we look forward to working with ASIC in their examination of remuneration structures in the mortgage broking sector,” said Anthony Waldron, NAB executive general manager of broker partnerships.
“We look forward to working with both the government and ASIC on these two policy areas,” he added.
David Murray sparked a fierce debate when he released the FSI interim report last year, which found that vertical integration may have the potential to distort the way in which mortgage brokers direct borrowers to lenders.
The FSI final report called for greater disclosure.
[Related: Commission model deters new brokers]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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