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The minister for Superannuation and Corporate Law, Senator Nick Sherry, yesterday released the Green Paper for national regulation of the financial services industry.
Under the proposed reform, the mortgage industry will be regulated at a national level with all lenders and brokers required to obtain a license from the Australian Securities and Investments Commissions (ASIC).
Mr Sherry said the Green Paper provided a solid plan for change, which would not only benefit consumers but reduce red tape and compliance costs for businesses in the industry.
“Australia needs a financial services regulatory structure for the 21st century, one which provides the highest standards of disclosure, advice and prudential supervisions, and does so at a national level,” Mr Sherry said.
Chief executive of the MFAA Phil Naylor said the MFAA welcomed the proposal and would be making further comments and submissions towards the legislation.
Published: 04-06-08
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