Westpac looks to can trail commissions

While it has been reported from Australia that Westpac will lift its up-front commissions to an unspecified level from the current 0.6% and that it will cease to pay current 0.2% trail commissions, no final decisions have been made.

Asked for comment, Westpac said: “We have strong and long-standing relationships with mortgage advisers and we value the role they play in supporting customers with their home ownership aspirations.

“We’re in discussions with our adviser network about some commercial aspects of our relationship. We are currently considering a range of feedback and no final decisions have been made,” the bank said.

“We can’t comment further while the conversations are ongoing.”