MIAA seeks uniform broker rules

The Mortgage Industry Association of Australia accused governments of sitting on their hands and called for a consistent regulatory framework. The MIAA said government agencies were often quick to criticise the industry but slow to adopt uniform standards. Federal law deals with broad obligations relating to misleading and deceptive conduct, state law exists in the ACT, NSW, Victoria and Western Australia but are not uniform. Four other states have no specific laws. A government working committee is due to release a report on a possible approach to uniform regulation.