subscribe to our newsletter
Govt acts on FSI vertical integration recommendations

Govt acts on FSI vertical integration recommendations

After much anticipation the government has today published its response to the Financial System Inquiry.

The Coalition government has agreed with the FSI recommendation that mortgage brokers and financial advisers must disclose their ownership structures.

In its response to FSI, released today, the government also agreed to rename ‘general advice’ to improve consumer understanding.

“We will consult with a wide range of stakeholders and conduct consumer testing before finalising the new term,” the report said.

“We will also develop legislative amendments to ensure that financial advisers and mortgage brokers adequately disclose their relationships with associated entities.”

The government accepted all but one of the FSI recommendations.

More to come.

Govt acts on FSI vertical integration recommendations
mortgagebusiness logo

Latest News

An ASX-listed financier has halted trading pending a “material announcement”, which is expected to relate to a takeover bid. ...

The lack of borrower understanding of interest-only loan terms, especially among owner-occupier households, is “concerning”, a global in...

The corporate watchdog is urging financial services and credit licensees to prioritise registering with AFCA as they would otherwise be in b...

FROM THE WEB

podcast

LATEST PODCAST: Upheaval at the major banks

Is enough being done to ensure responsible lending?