ACCC proposes to deny authorisation for arrangements to establish the Mortgage Aggregator Assurance Program

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The Australian Competition and Consumer Commission (ACCC) is proposing to deny authorisation to the Commonwealth Bank, Westpac, ANZ, NAB, and Macquarie Bank to establish a voluntary program for jointly procuring assurance reviews of mortgage aggregators. The program aims to reduce the burden and cost of assurance reviews for mortgage lenders, but the ACCC is concerned that it may prioritize the interests of the largest banks over smaller lenders. The ACCC also questions whether the program will improve the standard of assurance reviews or lead to reduced standards, increasing the risk of inappropriate lending practices. The ACCC is seeking submissions by 3 October 2023 before making a final determination on the proposed program. The determination will consider whether the program is likely to result in a net public benefit.