Green Paper on Financial Services and Credit Reform – Improving, Simplifying and Standardising Financial Services and Credit Regulation

On Tuesday 3rd June 2008 the Federal Goverment released a Green Paper.

The purpose of this Green Paper is to consult stakeholders about the following range of financial services and credit reform initiatives:

• 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; and
• the consideration of the most appropriate regulation of a range of remaining credit products, such as credit cards, personal loans and micro-lending.

The Green Paper sets out key issues for consideration and in some cases high level alternatives are put forward as options for addressing the issues.

These issues form key initiatives included on the Council of Australian Governments’ (COAG) reform agenda. Comments received in response to this paper will assist in informing COAG and its decision making about the regulation of these key financial services.

PIPA has made its submission in which we supported a licensing regime for all participants involved in the giving of advice in the Property Investment Industry.

To view a copy of the Green Paper, please visit:

http://www.treasury.gov.au/documents/1381/PDF/Green_Paper_on_Financial_Services_and_Credit_Reform.pdf