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ARTICLE · 09 MAY 2007

Banking & Finance Update – May 2007

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On 7 April 2007, Queensland's Fair Trading Minister released proposals to regulate finance brokers. Queensland is taking this action to put some interim regulation in place as a national regime is unlikely to be in place for several years.

AustraliaFinance and Banking

Contents

  • Queensland proposals to regulate finance brokers
    • updates to the MFAA/Gadens Regulation Module
    • comparison rate extended
    • proposed new regulation for UCCC lending

    Queensland Proposes To Regulate Finance Brokers

    On 7 April 2007, Queensland's Fair Trading Minister released proposals to regulate finance brokers.

    Queensland is taking this action to put some interim regulation in place as a national regime is unlikely to be in place for several years.

    For details of the proposal, click here

    Comparison Rate Extended

    The original comparison rate legislation was due to expire on 1 July 2006.

    Subsequently, the sunset date was extended to 1 July 2007 to enable a review to be conducted as to the cost/benefit of this regime.

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