Green Paper on Financial Services and Credit Reform

Last week the Minister for Superannuation and Corporate Law Senator Nick Sherry released a green paper on financial services and credit reform.

The green paper seeks to improve, simplify and standardise financial services and credit regulation.

The terms of reference of the green paper include:

• the development of a comprehensive approach to the regulation of mortgages and mortgage broking advice;
• the regulation of margin lending;
• the creation of a national market for trustee corporations through the implementation of Commonwealth legislation;
• reforms to improve the existing regulation of debentures;
• the investigation of issues relating to property investment advice, including property spruikers;
• the consideration of the most appropriate regulation of a range of remaining credit products, such as credit cards, personal loans and micro-lending.

The Government has invited stakeholders and the public to comment on the options presented in the paper, or submit their own proposals.  Submissions close on 1 July 2008.

For more information, see: http://www.treasury.gov.au/contentitem.asp?NavId=&ContentID=138