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The Commonwealth government yesterday reached an agreement with State and Territory governments to assume responsibility for the regulation of all consumer credit.
As part of the new regime, the Federal government will be responsible for all regulation of non-deposit taking lending institutions and mortgage brokers, with a view to extinguish any “gaps and conflicts” that exist in the current market.
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“A seamless national regime will assist in ensuring that consumers are better protected in their dealings with credit products and credit providers, including brokers and advisers,” COAG said.
Published: 04-07-08
