Mortgage Choice FY profit slumps 80%
Allegations of unfair franchisee payment structures has impacted Mortgage Choice's full-year profit after it was forced to change the remuneration structure.
Mortgage Choice's (ASX: MOC) full-year profit has slumped 80.9 per cent to $4.24 million after the home loan broker was forced to overhaul its remuneration structure following unrest from franchisees.
Commission for new loans for the 12 months to June 30 was down 7.7 per cent to $70 million, while financial planning income was up 11 per cent to $11.3 million.
Mortgage Choice will pay a fully franked final dividend of nine cents a share, unchanged from a year earlier.
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