Brokers face regulation
The NSW Fair Trading Minister, Lynda Burney, has put forward a proposal to regulate the mortgage broking industry. The bill is being put forward on behalf of all states and would apply to the nation's 12,000 brokers who write around 40 per cent of all home loans. The proposal includes licensing, probity and skills checks and mandatory membership of an approved dispute resolution scheme. Ms Burney said that regulation was being pursued as cases had been reported where people have been exploited by being given loans they couldn't repay with huge fees and charges.