Finsure lost more brokers than any major rival last quarter, but owner MA Financial's results show per-broker revenue surging
MA Financial Group has attributed a fall in Finsure's broker headcount to a deliberate focus on "broker quality, compliance and efficiency”, weeks after data showed the aggregator shed more credit representatives than any of its top-ten rivals in the June 2026 quarter.
In its half-year financial report for the period ended 30 June, MA Financial – which owns Simon Bednar (pictured)-helmed Finsure – disclosed that the aggregator had increased managed loans to $193 billion, up 25% on the prior corresponding period, "despite a slight reduction in mortgage broker numbers over the same period due to the focus on broker quality, compliance and efficiency”.
Independent data from WealthX and Padua WealthData shows Finsure recorded a net loss of 152 credit representatives in the June quarter – the steepest decline of any of Australia's top ten aggregator licensee controllers.
The report, compiled from Australian Securities and Investments Commission (ASIC) Credit Licence and Credit Representatives datasets, showed 82 new appointments against 234 resignations, taking Finsure's headcount from 2,776 to 2,624 brokers between 1 April and 1 July 2026.
Ten of those departures went directly to rival aggregators, with six brokers moving to Loan Market Group and four to Connective Credit Services – both of which posted net gains for the quarter.
Despite the dip in broker numbers, MA Financial's half-year presentation noted Finsure's revenue per broker rose 16% to $13,000 as broker numbers "rationalised" by 4%, driving what the company described as improved efficiency across the platform.
The Hai Money factor
Finsure's broker losses played out against a compliance saga that had been building since late 2025.
In December 2025, former banker Andrew W. Hu was arrested and alleged to be the ringleader of a criminal network dubbed the Penthouse Syndicate, having written loans as a broker under the licence of Hai Money, a sub-aggregator operating under Finsure.
The arrest triggered an internal investigation at Hai Money into 14 of its brokers, who were subsequently removed, precipitating Hai Money's total collapse following Finsure's fallout.
In late April 2026, Finsure's contract termination amid fraud investigations cut loose a network that held its own credit licence but relied on Finsure's lender panel – including Commonwealth Bank and ANZ – for an estimated 210 brokers. Hai Money responded with legal action against Finsure over the termination, and by mid-May the Supreme Court had granted the interim injunction relief Hai Money won, finding Finsure's termination arguably invalid. The parties later reached a resolution under which the termination stood.
It is worth noting that the WealthX report itself draws no direct link between Finsure's compliance issues and its net broker decline for the quarter, and MA Financial's results commentary does not reference the Hai Money matter specifically.
Managed loans still climbing
Whatever the cause of the broker attrition, it has not yet shown up in Finsure's core volume metrics. Managed loans on the platform grew to $193 billion at 30 June, up 25% on the prior corresponding period.
The Lending & Technology division, which houses both Finsure and non-bank lender MA Money, lifted underlying revenue 56% to $67.5 million for the half, with MA Money's loan book also up 127% to $7.5 billion.
Finsure's share of the Australian broker market nonetheless slipped to 17.4% at 30 June (see graph below), down from 18.9% in December 2025, based on figures the company reports against the Mortgage & Finance Association of Australia (MFAA)'s broker population data.
Source: MA Financial 1H26 Results Presentation
A sector-wide trend
Finsure's contraction was not an isolated event. Across the top ten aggregators, gross resignations (959) outpaced appointments (853) for a second consecutive quarter, pulling the combined headcount down from 17,854 to 17,748. Astute Financial Management posted the only other significant net decline, down 65 representatives, largely due to the wind-down of its Centrepoint Alliance Lending licence.
Loan Market Group retained the largest footprint by headcount at 3,763 representatives, a net gain of 27, while Connective was the strongest organic grower in absolute terms, adding a net 68 to reach 3,402.
