The Federal Government’s regulations around mortgage broking, which were registered on the Federal Register of Legislation this week posed nothing new, according to the Finance Brokers Association of Australia (FBAA).

FBAA managing director Peter White AM said there has been no further developments and no changes since the Treasurer announced the details late last year.

However he said that while the Government listened to the concerns of the FBAA and the industry on many issues, resulting in few of the more restrictive recommendations being implemented, the FBAA and brokers were still not satisfied with the current state of clawbacks.

“The road with the Government on clawbacks was dead late last year, but the fight to bring balance and fairness to the system is very much alive,” he said.

Mr White said the spotlight needs to be on lenders, not the Government.

“Clawbacks are exactly the same as they were before the royal commission, and now it’s up to lenders to amend their terms.

“Who will be the first bank to do the right thing by brokers and reduce clawbacks to 12 months or less?” he asked.

He said banks had the capacity to amend the terms, and some are already doing it with their franchise operations.

“If a bank can offer a franchise zero clawback after 12 months, why can’t they offer it to the broking channel, which brings in such a high percentage of their business?”

The FBAA has been vocal about the issue for many years and would continue the “robust discussion” with lenders, Mr White explained.

“I can assure members and the industry that this battle is far from over. Brokers deserve a fair go and our role is to fight until brokers get a fair go. “We’ve achieved a lot over the last couple of years for the industry and I believe that our unwavering commitment to see justice done will eventually see results in this area too.”