Financial services reforms to replace "dog's breakfast":Rudd
04/06/08 12:03 PM
By Colin Brinsden, Economics Correspondent
CANBERRA, June 3 AAP - The federal government has proposed a shake-up of financial services regulation it says will protect consumers from rogue mortgage and finance brokers.
Prime Minister Kevin Rudd says the reforms are aimed at bringing the regulation under a national umbrella to replace the existing "dog's breakfast" of state and federal rules.
The mortgage industry and business welcomed the government's green paper on the issue released today.
Treasurer Wayne Swan said the government planned to tighten and streamline the country's financial services and credit regulations, bringing them into the 21st century.
"That's all about protecting mums and dads who are consuming financial services and it's also about better regulation," Mr Swan told reporters.
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CANBERRA, June 3 AAP - The federal government has proposed a shake-up of financial services regulation it says will protect consumers from rogue mortgage and finance brokers.
Prime Minister Kevin Rudd says the reforms are aimed at bringing the regulation under a national umbrella to replace the existing "dog's breakfast" of state and federal rules.
The mortgage industry and business welcomed the government's green paper on the issue released today.
Treasurer Wayne Swan said the government planned to tighten and streamline the country's financial services and credit regulations, bringing them into the 21st century.
"That's all about protecting mums and dads who are consuming financial services and it's also about better regulation," Mr Swan told reporters.
Click here for full story