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The starting date for the federal takeover of all credit regulation looks set to be delayed, according to today’s The Australian Financial Review.
Regulation was supposed to be in place by 1 July however it was argued by industry stakeholders that the starting date was unworkable because brokers – as well as banks and stockbrokers, who the legislation will also effect – were already overwhelmed by a raft of reforms, such as anti-money laundering and changes to privacy legislation.
The daily said that Nick Sherry, Minister for corporate law, announced on Sunday that the government would release draft legislation to cover all forms of credit lending, including mortgages, credit cards and margin lending, this month.
According to a spokesperson for Senator Sherry, the new laws were not likely to be passed until September as licensing of credit providers was not required until January.
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