The Commonwealth today strongly backed the need for strong nationally uniform regulation of mortgage brokers.
The Parliamentary Secretary to the Treasurer, Senator Ian Campbell, said: "It is a rapidly-growing industry where consumers deserve to have the protection of a high quality regulatory regime.
"This is a matter within the powers of the States and Territories to address. The Commonwealth is prepared to play a facilitatory role through the Ministerial Council on Consumer Affairs to develop uniform legislation."
Senator Campbell comments follow the release today by the Australian Securities and Investments Commission of a report into the mortgage broking industry.
CANBERRA
26 March 2003
Contact: Wayne Grant 02 6277 3955 or 0407 845280