The MFAA have discussed with Treasury the recently released
regulations dealing with credit guides, quotes, and proposal
disclosure documents. As a result of these discussions, the
MFAA are very confident that some amendments will be made prior to
1 October 2011 (the start date). There are also some planned
changes for Key Fact Sheets.
Credit guides – identifying panel lenders
Section 113(2)(f) provides that a licensee who provides credit
assistance must specify in the credit guide their panel
lenders. If the licensee has more than six panel lenders, the
credit guide must state the six lenders with whom the licensee does
the most business. The MFAA argued that showing the six
biggest lenders may be uncompetitive (pushing customers towards the
six listed lenders), difficult (because the members of this group
will change from time to time), misleading (as these lenders may
not provide finance suitable for the customer), and may result in
the disclosure of
