banking: Victims of the big banks could also potentially claw back greater compensation payments than the coalition's proposed scheme, if Labor wins, according to Nine News Australia. Commissions can stay, but they will be flat and they'll be consistent across the board, shadow treasurer Chris Bowen said on Friday when announcing Labor's response to the banking royal commission. To improve your experience update it here News National Mortgage broker fees should be flat Labor By AAP2 58pm Feb 22, brokers will get to keep their fees but they will be capped at 1.1 per cent of the property loan, if Labor wins the next federal election. Commissioner Kenneth Hayne recommended banning trailing commissions for mortgage brokers, and replacing them with user-pays upfront fees. Labor is proposing a flat commission rate of 1.1 per cent of the loan - but it would only apply to the amount that was actually drawn down. The coalition will ban trailing commissions and review the upfront fee proposal, after concerns the royal commission's plans would destroy thousands of small businesses.
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