Strict best interest duty needed: Harris

Original article by John Kehoe
The Australian Financial Review – Page: 6 : 10-Oct-19

Former Productivity Commission chairman Peter Harris has stressed the need for a strong ‘best interest duty’ that applies equally across the banking, mortgage broking, financial advice and superannuation industry. He is concerned that industry lobbying could result in a proposed best interest duty for mortgage brokers being watered down. Harris has also downplayed the need for a mortgage pricing inquiry, arguing that the federal government’s priority should be to implement the recommendations made by the commission in its 2018 report on competition in the financial services sector.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN FINANCE GROUP LIMITED – ASX AFG

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