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The federal government is set to take over regulation of non-bank lending and mortgage broking, The Australian Financial Review reported today.
According to the daily, a move for legislative reform to shift power to the Commonwealth will be put to state and territory leaders at a Council of Australian Governments meeting in Adelaide tomorrow.
Superannuation and Corporate Law Minister Nick Sherry told the paper that centralising power with the Commonwealth would ease the difficulty of regulating complex and rapidly distributed financial services at state level.
He also said the sub-prime crisis and poor state-based regulation in the United States had confirmed the need for a single national regulatory scheme in Australia.
Published: 25-03-08
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