Ban on commissions paid to brokers under overhaul of consumer laws
MORTGAGE brokers would be banned from receiving monthly commissions from banks which can go on for decades and earn them thousands of dollars, under a shake-up of state consumer laws.
These so-called trailing commissions, paid for signing up a client to a home loan, would also be stamped out in the insurance industry as the state government tackles financial incentives paid to third parties.
The proposed laws would also force businesses like travel agents, accountants and product comparison websites to disclose financial incentives for recommending a product or service.