ANZ CEO defends adviser remuneration
Shayne Elliott appeared before the House of Representatives Economics Committee, which is conducting a review of Australia’s big four banks, on Friday. He was pressed on whether Australian brokers should adopt a “fee for service” model instead of the current commission system.
Elliott said mortgage advisers “play a really important role in the market” and stressed “more than half of all mortgages that are originated in Australia come through brokers, so consumers like the service”.
He said: “I think the [broking industry and regulators] can sit down and consider improvements to that model, but as of today, we think they perform a valuable role that consumers actually prefer and choose to increase the amount of business they give to brokers every year.”
Elliott warned a move to replace commission with a fee for service could have “potentially unintended consequences” on the market.
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