ASIC outlines commission review scope

Australia’s regulator has outlined its focus for a review of mortgage broker remuneration.

The Home Lending Market Review, to be conducted by ASIC, will consider the mortgage broker market in the context of the wider home loan market, ownership structures and their impact on consumers’ access to products, loan performance and outcomes.

All remuneration structures are set to be examined, including soft commissions.

ASIC wants to identify whether there are significant differences between the type, nature and structure of payments made at individual, broker business, aggregator and lender levels.