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ISCOVER
Staff Reporter
After months of delay, the new disclosure requirements for mortgage brokers have finally been released.
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Under the new requirements, brokers will be forced to provide all of their clients with a credit guide, as well as personalised broking agreements from 1 October.
The documents are part of a push for greater transparency and lender responsibility under the National Consumer Credit Protection code.
According to Gadens Lawyers, the amendments to the disclosure requirements will come as no surprise to those in the industry, as they largely reflect the discussions held with Treasury and the MFAA.
While the MFAA is now expected to release a disclosure module, which will provide detailed information about the regulations, the Association’s chief executive Phil Naylor said brokers would have no problems adapting to the new requirements.
Speaking to The Adviser, Mr Naylor said brokers were largely prepared for the requirements, with many already following the various regulations.
