Josh Frydenberg says government won’t prohibit trail commissions on new loans but will review in three years

The Morrison government, under heavy fire from politically influential mortgage brokers, has backed down on a key recommendation from the Hayne royal commission, and will no longer ban trailing commissions from 2020.

The flip was revealed by the treasurer Josh Frydenberg after a cabinet meeting on Tuesday. He told reporters the government had resolved not to prohibit trail commissions on new loans, but rather review their operation in three years.

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