Mortgage industry to self-regulate
The Australian Competition and Consumer Commission has approved self-regulation for the mortgage industry. The disciplinary rules of the Mortgage Industry Association of Australia will be adopted as the industry's self-regulation code. The ACCC said the MIAA's rules won't restrict competition but should encourage more ethical and professional behaviour. Aussie Home Loans CEO John Symond said the move will underline MIAA's role as the governing body. It will ensure that if someone is ejected from the industry he can't get back in.