Broker Daily’s top 10 articles of the year

Below is a collection of the articles that racked up the most views, with a mix of informative reporting and controversial legalities:

1. Building law overhaul set for WA

The Western Australian government revealed its most significant reforms to building and construction laws in more than 10 years.

2. CBA hikes bonuses to stop bankers from becoming brokers

The major bank increased the amount of money its bankers can make on home loans, in a bid to stem the outflow of bankers to the broker channel.

3. Returns on NAB broker loans ‘below the cost of capital’

The new CEO of the major bank revealed that returns on broker loans are “below the cost of capital” due to “price premiums” in the channel.

4. BOQ announces job losses, blames digital channel

Persistent job losses at the Bank of Queensland (BOQ) have the future of the non-major up in the air, with bank branches “at great risk of closure”. The digital channel took the blame.

5. ANZ settles credit card class action

ANZ announced it has reached an agreement to settle a class action brought against it by Phi Finney McDonald in 2021. As part of the settlement, the major bank will pay $57.5 million.

6. Bank slapped with record fine

Following an investigation by the Australian Securities and Investments Commission (ASIC), the Markets Disciplinary Panel (MDP) has imposed a record fine of $5.00 million on Macquarie Bank Limited for failing to prevent suspicious orders in the electricity futures market. This penalty marks the highest ever levied by the MDP.

7. CBA launches direct-to-consumer refinance product

The Commonwealth Bank of Australia (CBA) announced a new digital home loan product aimed at new borrowers, accessible only online.

8. 2 banks announce intention to merge

Victorian-based lender Bank Australia and NSW-based lender Qudos Bank announced their intention to explore a merger. The merger is set for early 2025.

9. Major bank handed maximum penalty for unconscionable conduct

The Federal Court has declared that Westpac Banking Corporation (Westpac) engaged in unconscionable conduct in October 2016 when executing a $12 billion interest rate swap transaction, the largest of its kind in Australian financial market history.

10. Unloan resurrects introducer commissions

Unloan, the direct-to-consumer home loan division of the Commonwealth Bank of Australia (CBA), has launched a new paid commission scheme that pays introducers a referral fee for every loan settled.

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

To reach Jack, email him at: This email address is being protected from spambots. You need JavaScript enabled to view it.