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ARTICLE · 19 SEPTEMBER 2007

Code Of Conduct For Finance Brokers In Queensland

Clayton Utz
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The Queensland Government is proposing to implement an enforceable code of conduct which would require finance brokers to meet certain conduct standards in their dealings with clients.

AustraliaFinance and Banking
Randal Dennings
Randal Dennings
Graeme Howatson
Graeme Howatson
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The Queensland Government is proposing to implement an enforceable code of conduct which would require finance brokers to meet certain conduct standards in their dealings with clients.

The Government has indicated that the Fair Trading (Code of Practice - Finance Brokers) Regulation 2007 will be an interim measure until national regulation is enacted in 2009. The code is to set minimum behavioural standards for finance brokers consistent with those proposed nationally.

The proposed Queensland code will:

  • contain disclosure and statement of reasons provisions, requiring brokers to provide specified disclosures about costs and services before negotiating a broking agreement with the client. The disclosures must contain details of the client's credit needs and the statement of reasons must explain why the products recommended satisfy those credit needs

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