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It has been another busy and eventful year for brokers, as well as the broader financial services industry, with the release of the final report from the banking royal commission, introduction of new bills and legislation, a federal election, and plenty of discussions around broker commissions. The Adviser looks back at the most significant events that had an impact on Australian mortgage brokers in 2019.
ING’s head of third party distribution, Glenn Gibson, describes 2019 as a tale of two halves. In the first half of 2019, brokers wondered if their businesses were viable amidst the regulatory upheaval and if they had to reinvent themselves to survive, given the royal commission’s recommendation for trail to be removed. However, in the second half, brokers believed they could continue to grow and drive the third-party space despite new and ongoing challenges.
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