Finsure has cut ties with sub-aggregator Hai Money, a decision sending shockwaves through Australia’s mortgage industry. The terminated partnership took effect last week, Finsure confirmed to Australian Broker, after several brokers at the Sydney-based sub aggregator were suspected of fraudulent activities.
Hai Money operated independently under its own credit licence, separate from Finsure. However, its brokers were able to tap into Finsure’s extensive lender panel, which includes the likes of Commonwealth Bank of Australia (CBA), ANZ and more. Following Finsure’s decision to end the partnership, Hai Money shut down operations immediately.
The firm, which was founded by Bruce Li in 2024, had 211 brokers under its umbrella, all of whom are now out of work.
In December 2025, Hai Money removed 14 brokers from its network after National Australia Bank (NAB), also on its lender panel, suspended their accreditation over conduct concerns.
But Li, who served as head of strategy and growth at Hai Money, said the firm had since moved to tighten risk management and governance following the December terminations, with "ongoing oversight of broker conduct and regulatory obligations and a proactive compliance function overseeing any remedial actions for brokers to address."
He added that an independent review commissioned by Finsure in April found “no evidence of systemic broker misconduct across the broader network." He went on to describe Finsure’s decision to end the partnership as "hasty, disproportionate and grossly unfair."
“Policing broker misconduct is an industry-wide issue," Li said. "The brokers we terminated had been subject to credit, police and ASIC reference checks at the time they were onboarded. But these checks are inherently limited. Aggregators have no line of sight on hidden associations, co-ordinated behaviour or risk signals across institutions. We are being held to account for risks we cannot monitor or detect - if it can happen to Hai Money it can happen to anyone."
Li also alleged that Finsure withheld more than a million dollars in commissions.
A representative from Finsure said the claims were "100% not true. We're definitely not holding commissions."
Li declined to comment further.
The news comes amid broader industry concerns about mortgage fraud, including cases involving misleading information and AI-generated loan applications. So far, a Sydney-based lawyer and an accountant in Melbourne have been charged in fraud-related matters not related to Finsure, while authorities continue investigating brokers linked to major groups, including LMG, as well as Finsure.
With the Finsure-Hai Money tie-up dissolved, attention turns to the fate of the 200-plus brokers who operated under Hai Money.
Li described the brokers as "collateral damage caused by systemic industry issues."
“These are hardworking, honest brokers who have done nothing wrong," he said. "They have families to support, but now find themselves in limbo with their main source of income cut off."
Former Hai Money brokers are racing to secure spots with new aggregators. But the path ahead is likely to be tough due to their links to the now-tainted brand. While a handful have been caught up in home loan fraud allegations, most are not believed to have done anything wrong.
Outgoing managing director of the Finance Brokers Association of Australia (FBAA) Peter White made a statement, asking banks to support Hai Money brokers. He argued that Hai Money brokers deserve to be presumed innocent unless proven otherwise.
"The FBAA has received calls from brokers who haven’t even written their first loan, and have lost their accreditation, and others who are distressed that there has been a blanket decision against all Hai Money brokers," he said. “We can’t tar everyone with the same brush. We must shine a light in the darkness and support those who have done nothing wrong and are running legitimate, honest businesses.”
On the future of former Hai Money brokers, the head of another aggregator group, who wished to remain anonymous, said it would be "impossible" for another aggregator to take them on under compliance requirements.
"It's not actually the fraud that is the issue. It's the lack of governance and compliance oversight that allowed the fraud to occur," said the source. "Most aggregators have normal checks and balances that would prevent these syndicates growing within their networks."
The source pointed out that the allegations associated with Hai Money mark the second time in less than two years that Finsure has been linked to organized fraud. In late 2024, the group cut ties with at least 26 brokers over fraudulent activity.
"Now the big problem is that you've got 200 or so brokers that are not dodgy, who are wonderful human beings. But national aggregators can't put these brokers on — whether or not they're good or bad — because the banks have asserted that they will not be transferring their accreditations or entertaining any new accreditations presently for any people associated with Hai Money," the source said. "That sounds very harsh. But the reason is because the situation was so bad, and there's no records of who the good ones or the bad ones were. That's the reason that banks, or lenders, have taken that position, that they don't want to touch anybody. Because they don't know who's good and who's bad. There's no way of proving that. And if there's a 1% chance that a broker could have done something fraudulent, well, in good faith they can't transfer their accreditations."
Finsure declined to comment further.
