Industry Reform Agreement

NCCP Lending Code of Practice (Broker & Banks Staff)

Industry reform agreement

In an endeavour to achieve the best consumer outcomes, the mortgage broking industry (“the industry”) has endured over 5 years of reviews, with topics ranging from mortgage broker best practice, providing qualified advice, charging of fees and receipt of commissions, broker obligations, competition, bank misconduct and conflicts of interest.

Yet to date it is evident the industry does not appear to have a suitable proposition that fosters all parties involved, whilst championing the consumer’s best interests.

Our market share as brokers puts us in a unique position where we can help reform the industry and drive beneficial change; creating an environment that removes the need forfuture industry reviews, adds value to our broking businesses and services the consumer’sbest interests.

Uniting together as an industry, mortgage brokers (“brokers") have the power to influence. This was recently highlighted when a united industry was able to provide sufficient proof of the industry’s value in the financial sector to the current Government, which led to the dismissal of the Royal Commission recommendation to remove trail commissions paid to brokers. This was a direct acknowledgment that brokers provide a service for these ‘deferred upfront fees’.

Download the Industry Reform Whitepaper
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