The FBAA yesterday called on the Federal government to broaden the scope of its proposed financial services sector legislation.
While the association welcomed the proposed legislation it urged the government to encapsulate other credit products in the regulatory reform, such as credit cards and personal loans, to improve consumers’ financial well-being.
“Today these types of products are inextricably linked to a household’s mortgage and overall financial well-being,” Peter White, FBAA national president, said.
Mr White said it made sense to have all forms of debt regulated under the “one roof” and said it would not only result in better consumer protection, it would also ease regulation costs for both the government and industry.
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