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The MFAA has supported the Council of Australian Government’s (COAG) decision that the Federal government assumes regulation for the lending industry.
In a statement released on Friday, Phil Naylor, MFAA chief executive officer, said the agreement should result in a regulatory system free from the unnecessary duplication that currently exists in different tiers of government.
“We hope that a simplified system will result, reducing business costs for the industry and offering better protection for consumers,” Mr Naylor said.
“The decision by COAG for the Federal government to take on the task of regulating all consumer credit is a win for common sense.
“It would have been wholly unworkable to split regulation of consumer credit and the provision of mortgages between the States and the Commonwealth,” he said.
Published: 07-07-08
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