Published Wednesday, 28 November, 2007 at 07:19 PM
Attorney-General and Minister for Justice and Minister Assisting the Premier in Western Queensland
The Honourable Kerry Shine
Queenslanders Urged To Comment On Finance Broker Proposals
The Attorney-General and Minister for Justice Kerry Shine has encouraged Queenslanders to comment on proposed national reforms to the finance and mortgage broking industry.
A State and Territory working party, on which Queensland is represented, has drafted a model Bill that will protect consumers and set minimum standards for operators in the growing finance broking industry.
“The model Bill has today been released for comment from all interested parties, including members of the public,” Mr Shine said.
“These proposals will deliver a nationally consistent regulatory scheme, including stringent licensing requirements to protect the interests of consumers and responsible brokers.”
Mr Shine said national legislation had been supported by consumers and industry.
“The vast majority of brokers operate ethically but, as in most industries, there are some less scrupulous brokers.
“We believe regulation is necessary to weed out the unscrupulous operators who pose serious problems to consumers.”
Under the proposals, brokers would need to meet certain qualification and training requirements to qualify for a licence, and act in the interests of consumers when arranging credit.
Licensed brokers would be required to be members of approved dispute resolution schemes so consumers could be confident there were accessible remedies in the event of a dispute.
Mr Shine said it could still be some time before the proposed national regulation is in place, so Queensland will continue going it alone to regulate finance brokers.
“Queensland will continue to implement a mandatory code of conduct to ensure both consumers and honest traders are protected.
“I expect the Queensland code of conduct will be introduced by the middle of 2008.
“Queensland’s code of conduct will apply until the national scheme is up and running.
A link to the bill is available on the Office of Fair Trading website at www.fairtrading.qld.gov.au.
Submissions close 15 February 2008.
Media contact: Troy Davies 3239 6400, 0488 799 273
A State and Territory working party, on which Queensland is represented, has drafted a model Bill that will protect consumers and set minimum standards for operators in the growing finance broking industry.
“The model Bill has today been released for comment from all interested parties, including members of the public,” Mr Shine said.
“These proposals will deliver a nationally consistent regulatory scheme, including stringent licensing requirements to protect the interests of consumers and responsible brokers.”
Mr Shine said national legislation had been supported by consumers and industry.
“The vast majority of brokers operate ethically but, as in most industries, there are some less scrupulous brokers.
“We believe regulation is necessary to weed out the unscrupulous operators who pose serious problems to consumers.”
Under the proposals, brokers would need to meet certain qualification and training requirements to qualify for a licence, and act in the interests of consumers when arranging credit.
Licensed brokers would be required to be members of approved dispute resolution schemes so consumers could be confident there were accessible remedies in the event of a dispute.
Mr Shine said it could still be some time before the proposed national regulation is in place, so Queensland will continue going it alone to regulate finance brokers.
“Queensland will continue to implement a mandatory code of conduct to ensure both consumers and honest traders are protected.
“I expect the Queensland code of conduct will be introduced by the middle of 2008.
“Queensland’s code of conduct will apply until the national scheme is up and running.
A link to the bill is available on the Office of Fair Trading website at www.fairtrading.qld.gov.au.
Submissions close 15 February 2008.
Media contact: Troy Davies 3239 6400, 0488 799 273