NBS Brokers

Broker Login NBS Group Join NBS
← Back to blog
Industry news31 October 2026

Hai Money and Finsure: How the Split Unfolded and What It Means for Brokers

From the April 2026 termination to the Supreme Court injunction and the May settlement, here is what has been reported about the Hai Money and Finsure split, and what we have seen ourselves as brokers try to find a new home.

We should be upfront about our own connection to this story. Our founder, Martin “Marty” Walmsley JP, joined Hai Money in 2024 as a broker and commercial mentor. That gives us a first-hand view of what happened, and it is also a reason to be careful. This post relies on published reporting and court-reported material. Where we describe our own experience, we say so.

One point needs to come first. Hai Money has not been found to have engaged in any wrongdoing. When the two companies resolved their dispute, they jointly stated that ending their agreement “is not based on any assertion of wrongdoing by Hai Money or Finsure.”

Background

Hai Money (EzFunds Holdings Pty Ltd) launched in 2024. It ran as a sub-aggregator under Finsure, which gave its brokers access to Finsure’s lender panel. Mortgage Professional Australia reported that Hai Money obtained its own Australian Credit Licence in December 2024. At the time of the split, more than 200 brokers were operating under that licence. Reports put the number at between about 211 and 220.

The split took place amid the NSW Police Strike Force Myddleton investigation into the alleged “Penthouse Syndicate”. One of the people charged in that investigation is Andrew Hu. ASIC records show he was a credit representative (CRN 000554974) under Finsure’s credit licence from January to December 2024, and then under EZFUNDS Holding Pty Ltd, Hai Money’s licensee, from December 2024 until December 2025. Mr Hu has been charged and is presumed innocent. Hai Money’s founder, Bruce (Songyang) Li, is a different person from Bing “Michael” Li, who has been charged under Strike Force Myddleton.

Timeline

  • 2024: Hai Money launches. It obtains its credit licence in December 2024 (MPA).
  • December 2025: Police charge Andrew Hu under Strike Force Myddleton. Hai Money removes 14 brokers from its network and, according to MPA, reports them to ASIC.
  • 14 April 2026: Evidence reported from court shows Finsure told Hai Money that its compliance team had identified brokers it regarded as “high risk”, and that those brokers would be terminated “by Finsure, not Hai Money”. Finsure expressly disavowed making any findings against those brokers.
  • 22 April 2026: Finsure notifies Hai Money that the sub-aggregation agreement is terminated “effective immediately”.
  • Late April 2026: Finsure confirms the split. A spokesperson told The Adviser: “Following concerns by several banks, including major lenders, we felt it best our two organisations go our separate ways.” Finsure said it would keep passing lender commissions to Hai Money for distribution to its brokers. Hai Money called the decision “hasty, disproportionate and grossly unfair” and ceased operations.
  • May 2026: Hai Money asks the NSW Supreme Court for an injunction. In EzFunds Holding Pty Ltd t/as Hai Money v Finsure Finance & Insurance Pty Ltd [2026] NSWSC 526, Justice Williams granted interim relief. She found Hai Money had “a strong case” that the termination notice was not valid, and that there was “no evidence presently before the Court” that Hai Money or any broker had committed the kind of conduct the termination clause required.
  • 28 May 2026: The parties announce a confidential settlement. They jointly confirm they have “mutually agreed to terminate the sub-aggregator agreement” and that this “is not based on any assertion of wrongdoing by Hai Money or Finsure.”

What happened to brokers’ accreditations

For most Hai Money brokers, the practical result was simple and abrupt. When the two businesses parted ways, the accreditations that depended on that relationship ceased, and brokers lost access to the panel and the licence they had been writing under. MPA reported brokers being locked out of lender portals and unable to manage deals already in the pipeline.

The court heard evidence from Hai Money’s founder that about 250 loans worth about $200 million had unconditional approval but had not yet settled when the agreement was terminated. Clients were caught in the middle as well.

Our own experience

This is where we can speak directly. In NBS’s own experience, two aggregators told us in writing that they cannot onboard former Hai Money brokers until Strike Force Myddleton concludes.

We understand why an aggregator might be cautious while a police investigation is running. The effect, though, is that brokers who have not been charged and are not accused of anything have no clear way back into the industry, and no clear date for when that might change. MPA has reported similar accounts from other former Hai Money brokers. One said “not a single aggregator has been willing to onboard affected brokers.”

Industry impact

Sub-aggregation is under the microscope. The case shows how much a sub-aggregator’s brokers depend on the head aggregator relationship. When that relationship ended, brokers’ ability to work ended with it, whatever their individual records.

Allegation versus evidence. In the interim decision, the Court drew a clear line between allegations or media reports and evidence of misconduct. Brokers, aggregators and lenders should all keep that line in mind.

Advocacy for innocent brokers. Peter White AM, then outgoing CEO of the FBAA, said Hai Money brokers who had done nothing wrong should be “treated as innocent until proven guilty”, and that “we can’t tar everyone with the same brush”.

Tighter onboarding across the board. Amid the wider investigation, aggregators are lifting entry standards and monitoring. Honest brokers should expect more due diligence, and should welcome it, provided it is applied fairly and case by case.

What we’d suggest to affected brokers

  • Keep complete records of your files, client communications and verification steps.
  • Get any aggregator’s onboarding position in writing, including what would change it.
  • Check your own entry on the ASIC Professional Register.
  • Get independent legal advice on your own situation.

We will update this post as verified information becomes available.

Sources

Disclaimer: This article reflects public reporting as at 31 October 2026, together with NBS’s own experience where stated. It is general information only and is not legal advice. Anyone referred to who has been charged is presumed innocent. Hai Money has not been found to have engaged in any wrongdoing. NBS Home Loans Pty Ltd, Australian Credit Licence 580020.

← Back to blog
NBS Group

NBS Aggregation Group – aggregation for mortgage and finance brokers.

Contact

NBS Home Loans Pty Ltd t/as NBS Aggregation Group  |  ABN 73 617 230 618  |  Australian Credit Licence 580020  |  AFCA member 115926  |  FBAA member M-363802

NBS Home Loans Pty Ltd holds Australian Credit Licence 580020. The information on this website is general in nature, is intended for finance and mortgage broking professionals, and does not constitute credit assistance or advice to consumers.

© 2026 NBS Home Loans Pty Ltd. All rights reserved.

Powered by CookieAdmin