Here is the link from Steve McKnight. Very interesting..... I know this will open a can of worms. Personally I would be happy to pay my MB, worth his weight in gold.... but that's me... what about you? Extract included I'll huff and I'll puff and I'll... - PropertyInvesting.com What Will Change? In the near-term, the answer is nothing. Most of the recommendations require changes to law, and with only a few sitting days of parliament left until it shuts up shop prior to the next election, it will be for the next government to roll out. With the housing market on the skids, and the economy likely to stall, there will be bigger fish to fry. The one big change that might happen, eventually, is Recommendation 1.3: The borrower, not the lender, should pay the mortgage broker a fee for acting in connection with home lending. In other words, consumers may have to pay some, or all, of the fees paid to mortgage brokers for their help in finding and obtaining a loan, if a user-pays system is implemented. If you don’t know, presently mortgage brokers are paid by the lender. This means that the client pays indirectly through either loan application fees, or via the interest rate charged on the loan. I suspect this will be the death knell to the mortgage broking industry as we know it, and, in a reversal of what happened in the 1990’s, large financial institutions will upscale in-house loan services to offer ‘free assessments’, and pay the higher overhead from the money they’ll keep rather than paying third-party brokers. It might be more transparent, but will it be better? I doubt it. Small to medium mortgage brokers simply won’t survive and they will need to find employment elsewhere. I note in particular Recommendation 1.5: After a sufficient period of transition, mortgage brokers should be subject to and regulated by the law that applies to entities providing financial product advice to retail clients. This will require that mortgage brokers will have to ‘know their clients’ and provide ‘statements of advice’ similar to what financial planners have to do now. Sounds good but will add a lot of time, cost and administration that small businesses won’t be able to absorb. Aside from that, most of the recommendations relate to businesses being forced to have better moral consciences and regulators to have better regulating. No more blind eyes on either side.