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Non-bank lenders and brokers will recommend that the federal government take over the regulation of all credit products and a new corporate regulator establish a licence for the credit industry, The Australian Financial Review reported today.
The recommendations will be part of a submission made by the MFAA in response to the federal government’s recently launched green paper, which suggested that lending products like personal loans and credit cards be regulated on a state-by-state basis.
“We support federal regulation of all credit products,” MFAA chief executive Phil Naylor told the daily.
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Published: 23-06-08
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