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ARTICLE · 07 DECEMBER 2007

National Finance Broking Regulations

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An exposure draft of the Finance Broking Bill has been released. The draft bill introduces the long anticipated national regulation of finance brokers.

AustraliaFinance and Banking

An exposure draft of the Finance Broking Bill has been released. The draft bill introduces the long anticipated national regulation of finance brokers.

Comments are invited on the draft bill by 15 February 2008. A copy of the draft bill can be obtained by clicking here.

The following is a short summary of the proposals. The law may change prior to implementation, and there is no commencement date yet proposed.

Who Needs To Be Licensed?

A business conducting finance broking is required to be licensed. Finance broking includes:

  • providing advice or assistance to the consumer, or
  • acting as an intermediary between the consumer and a credit provider

for the purpose of securing 'credit' for the consumer. Credit includes both UCCC regulated and unregulated loans.

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