FSR-style licencing regime for mortgage brokers

Mortgage brokers can expect to face a new licencing regime as early as next year that will align regulation of their industry with rules that prevail in the financial planning industry. The Uniform Consumer Credit Code Management Committee completed a review of the regulation of mortgage brokers and provided its recommendations to a ministerial council. Consumer Affairs Victoria says the recommendations include licencing of mortgage brokers, dependent on achievement of minimum competency and integrity standards, accreditation and membership of a dispute resolution service.