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Sedgwick review into retail bank commissions released
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A review of retail banking product commissions and payments has found that links between remuneration and sales are now rare and industry policies have improved.
These and other findings are contained in the
Retail Banking Remuneration Review Final Report by former Australian Public Service commissioner Stephen Sedgwick, who compiled the report after being commissioned by the Australia Banking Commission (ABA).
In 2016, the ABA commissioned Mr Sedgwick to undertake a large-scale review of remuneration practices for retail banking frontline staff, including product sales commissions and product-based payments in retail banking in Australia.
Treasury launches consultation on giving brokers CDR data
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Stakeholders have until 30 July to respond to a consultation on new rules that will allow consumers to share their open banking data with mortgage brokers.
Treasury has released for consultation new draft rules to amend the Consumer Data Right (CDR) so that consumers can share their data with “trusted professional advisers”, including mortgage brokers, without these professionals needing to fall under the same regulatory obligations that apply to data recipients.
Currently, the rules do not permit the disclosure of CDR data by an accredited data recipient (ADR), such as a bank, to other parties that the consumer may wish to share their CDR data with.
PLAN brokers can now access 86 400
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Brokers aggregating under PLAN Australia will now be able to access loans from the neobank as it joins the group’s lender panel.
The 1,600 brokers aggregating under PLAN Australia can now write loans with the digital lender after it signed a partnership agreement to join the group’s lender panel.
According to the NAB-owned lender, its inclusion onto the PLAN panel means that more than 85 per cent of Australia’s brokers will now have access to its fully digital mortgages: the Own home loan and Neat home loan.
It currently has 15 strategic partnerships, including eight major aggregators, in place.