The Council of Australian Governments (COAG) has agreed to implement a plan for the assignment of regulation of mortgage broking industry to the Federal Government, much to the approval of Mortgage Choice. The mortgage and finance franchise has been consistently and publicly advocating the move since 2002 and is gratified to hear the plan will be in place by mid 2009.

Managing director, Paul Lahiff, wholeheartedly supports the move. “One unified approach to regulation of an industry that sources mortgages for around 40 per cent of Australians is a terrific step in the right direction.”

Lahiff believes this move will reinstall consumer faith in mortgage lenders and offers a brighter future for the mortgage broker industry. “With many mortgage brokers working across different states, and without consistent rules to govern them, this sensible regulation will only benefit consumers."

Lahiff continued, “Any regulatory move that protects consumers and increases their confidence in the mortgage broking sector has to be embraced. It will certainly hasten the exit of the small number of rogue brokers who create more harm than good.”