❓ A parliamentary question regarding the potential repeal of the Finance Brokers Control Act and the government's stance on consumer protection and public interest considerations within national competition policy agreements. The Minister clarifies the government's position against repeal and commitment to strengthening finance broker supervision.
AnsweredQoN 199Legislative Council
QuestionView source ↗
I refer to page 75 of the March 1999 progress report for the Western Australian competition policy unit of the Western Australian Treasury to the National Competition Council, which included a recommendation to repeal the Finance Brokers Control Act on the basis that a less restrictive code of conduct would be just as effective in protecting consumers and would reduce compliance costs. (1) Which interested parties were invited to make submissions to this review? (2) Can the minister advise whether the repeal Bill was drafted or what is the status of that coalition cabinet endorsed recommendation? (3) What action will the State Government take to check why the public interest provisions have failed in such legislative reviews under the national competition policy agreements? Hon N.D. GRIFFITHS
AnswerView source ↗
(1) A reference group was formed in November 1996 to review the Act, and the membership was the Australian Bankers Association, the Australian Finance Conference, the Consumer Credit Legal Service (WA), consumer representatives, the Finance Brokers Supervisory Board, the Financial Counsellors Association of Western Australia, the Mortgage Industry Association of Australia, mortgage originators, the Institute of Finance Brokers of Western Australia, and the Ministry of Fair Trading. An interim report was released for public comment in July 1997, and the final report was provided to the previous Government in December 1998. (2) I understand that the cabinet of the previous Government endorsed the recommendations of the reference group’s report but no drafting commenced. This Government does not support the repeal of the Act, and appropriate proposals now being considered will significantly strengthen the supervision of finance brokers. (3) The Government recognises the inadequacies of the processes followed by the previous Government, and at the last election made a commitment to ensure the often forgotten public interest test is applied to any change recommended by the national competition processes. In addition, the Government also gave a commitment that the problems of those adversely affected by any change will not be dismissed as transitionary problems.
(1) Which interested parties were invited to make submissions to this review? (2) Can the minister advise whether the repeal Bill was drafted or what is the status of that coalition cabinet endorsed recommendation? (3) What action will the State Government take to check why the public interest provisions have failed in such legislative reviews under the national competition policy agreements? Hon N.D. GRIFFITHS replied: (1) A reference group was formed in November 1996 to review the Act, and the membership was the Australian Bankers Association, the Australian Finance Conference, the Consumer Credit Legal Service (WA), consumer representatives, the Finance Brokers Supervisory Board, the Financial Counsellors Association of Western Australia, the Mortgage Industry Association of Australia, mortgage originators, the Institute of Finance Brokers of Western Australia, and the Ministry of Fair Trading. An interim report was released for public comment in July 1997, and the final report was provided to the previous Government in December 1998. (2) I understand that the cabinet of the previous Government endorsed the recommendations of the reference group’s report but no drafting commenced. This Government does not support the repeal of the Act, and appropriate proposals now being considered will significantly strengthen the supervision of finance brokers. (3) The Government recognises the inadequacies of the processes followed by the previous Government, and at the last election made a commitment to ensure the often forgotten public interest test is applied to any change recommended by the national competition processes. In addition, the Government also gave a commitment that the problems of those adversely affected by any change will not be dismissed as transitionary problems.
(2) Can the minister advise whether the repeal Bill was drafted or what is the status of that coalition cabinet endorsed recommendation? (3) What action will the State Government take to check why the public interest provisions have failed in such legislative reviews under the national competition policy agreements? Hon N.D. GRIFFITHS replied: (1) A reference group was formed in November 1996 to review the Act, and the membership was the Australian Bankers Association, the Australian Finance Conference, the Consumer Credit Legal Service (WA), consumer representatives, the Finance Brokers Supervisory Board, the Financial Counsellors Association of Western Australia, the Mortgage Industry Association of Australia, mortgage originators, the Institute of Finance Brokers of Western Australia, and the Ministry of Fair Trading. An interim report was released for public comment in July 1997, and the final report was provided to the previous Government in December 1998. (2) I understand that the cabinet of the previous Government endorsed the recommendations of the reference group’s report but no drafting commenced. This Government does not support the repeal of the Act, and appropriate proposals now being considered will significantly strengthen the supervision of finance brokers. (3) The Government recognises the inadequacies of the processes followed by the previous Government, and at the last election made a commitment to ensure the often forgotten public interest test is applied to any change recommended by the national competition processes. In addition, the Government also gave a commitment that the problems of those adversely affected by any change will not be dismissed as transitionary problems.
(3) What action will the State Government take to check why the public interest provisions have failed in such legislative reviews under the national competition policy agreements? Hon N.D. GRIFFITHS replied: (1) A reference group was formed in November 1996 to review the Act, and the membership was the Australian Bankers Association, the Australian Finance Conference, the Consumer Credit Legal Service (WA), consumer representatives, the Finance Brokers Supervisory Board, the Financial Counsellors Association of Western Australia, the Mortgage Industry Association of Australia, mortgage originators, the Institute of Finance Brokers of Western Australia, and the Ministry of Fair Trading. An interim report was released for public comment in July 1997, and the final report was provided to the previous Government in December 1998. (2) I understand that the cabinet of the previous Government endorsed the recommendations of the reference group’s report but no drafting commenced. This Government does not support the repeal of the Act, and appropriate proposals now being considered will significantly strengthen the supervision of finance brokers. (3) The Government recognises the inadequacies of the processes followed by the previous Government, and at the last election made a commitment to ensure the often forgotten public interest test is applied to any change recommended by the national competition processes. In addition, the Government also gave a commitment that the problems of those adversely affected by any change will not be dismissed as transitionary problems.
Hon N.D. GRIFFITHS replied: (1) A reference group was formed in November 1996 to review the Act, and the membership was the Australian Bankers Association, the Australian Finance Conference, the Consumer Credit Legal Service (WA), consumer representatives, the Finance Brokers Supervisory Board, the Financial Counsellors Association of Western Australia, the Mortgage Industry Association of Australia, mortgage originators, the Institute of Finance Brokers of Western Australia, and the Ministry of Fair Trading. An interim report was released for public comment in July 1997, and the final report was provided to the previous Government in December 1998. (2) I understand that the cabinet of the previous Government endorsed the recommendations of the reference group’s report but no drafting commenced. This Government does not support the repeal of the Act, and appropriate proposals now being considered will significantly strengthen the supervision of finance brokers. (3) The Government recognises the inadequacies of the processes followed by the previous Government, and at the last election made a commitment to ensure the often forgotten public interest test is applied to any change recommended by the national competition processes. In addition, the Government also gave a commitment that the problems of those adversely affected by any change will not be dismissed as transitionary problems.
(1) A reference group was formed in November 1996 to review the Act, and the membership was the Australian Bankers Association, the Australian Finance Conference, the Consumer Credit Legal Service (WA), consumer representatives, the Finance Brokers Supervisory Board, the Financial Counsellors Association of Western Australia, the Mortgage Industry Association of Australia, mortgage originators, the Institute of Finance Brokers of Western Australia, and the Ministry of Fair Trading. An interim report was released for public comment in July 1997, and the final report was provided to the previous Government in December 1998. (2) I understand that the cabinet of the previous Government endorsed the recommendations of the reference group’s report but no drafting commenced. This Government does not support the repeal of the Act, and appropriate proposals now being considered will significantly strengthen the supervision of finance brokers. (3) The Government recognises the inadequacies of the processes followed by the previous Government, and at the last election made a commitment to ensure the often forgotten public interest test is applied to any change recommended by the national competition processes. In addition, the Government also gave a commitment that the problems of those adversely affected by any change will not be dismissed as transitionary problems.
(3) The Government recognises the inadequacies of the processes followed by the previous Government, and at the last election made a commitment to ensure the often forgotten public interest test is applied to any change recommended by the national competition processes. In addition, the Government also gave a commitment that the problems of those adversely affected by any change will not be dismissed as transitionary problems.
(1) Which interested parties were invited to make submissions to this review? (2) Can the minister advise whether the repeal Bill was drafted or what is the status of that coalition cabinet endorsed recommendation? (3) What action will the State Government take to check why the public interest provisions have failed in such legislative reviews under the national competition policy agreements? Hon N.D. GRIFFITHS replied: (1) A reference group was formed in November 1996 to review the Act, and the membership was the Australian Bankers Association, the Australian Finance Conference, the Consumer Credit Legal Service (WA), consumer representatives, the Finance Brokers Supervisory Board, the Financial Counsellors Association of Western Australia, the Mortgage Industry Association of Australia, mortgage originators, the Institute of Finance Brokers of Western Australia, and the Ministry of Fair Trading. An interim report was released for public comment in July 1997, and the final report was provided to the previous Government in December 1998. (2) I understand that the cabinet of the previous Government endorsed the recommendations of the reference group’s report but no drafting commenced. This Government does not support the repeal of the Act, and appropriate proposals now being considered will significantly strengthen the supervision of finance brokers. (3) The Government recognises the inadequacies of the processes followed by the previous Government, and at the last election made a commitment to ensure the often forgotten public interest test is applied to any change recommended by the national competition processes. In addition, the Government also gave a commitment that the problems of those adversely affected by any change will not be dismissed as transitionary problems.
(2) Can the minister advise whether the repeal Bill was drafted or what is the status of that coalition cabinet endorsed recommendation? (3) What action will the State Government take to check why the public interest provisions have failed in such legislative reviews under the national competition policy agreements? Hon N.D. GRIFFITHS replied: (1) A reference group was formed in November 1996 to review the Act, and the membership was the Australian Bankers Association, the Australian Finance Conference, the Consumer Credit Legal Service (WA), consumer representatives, the Finance Brokers Supervisory Board, the Financial Counsellors Association of Western Australia, the Mortgage Industry Association of Australia, mortgage originators, the Institute of Finance Brokers of Western Australia, and the Ministry of Fair Trading. An interim report was released for public comment in July 1997, and the final report was provided to the previous Government in December 1998. (2) I understand that the cabinet of the previous Government endorsed the recommendations of the reference group’s report but no drafting commenced. This Government does not support the repeal of the Act, and appropriate proposals now being considered will significantly strengthen the supervision of finance brokers. (3) The Government recognises the inadequacies of the processes followed by the previous Government, and at the last election made a commitment to ensure the often forgotten public interest test is applied to any change recommended by the national competition processes. In addition, the Government also gave a commitment that the problems of those adversely affected by any change will not be dismissed as transitionary problems.
(3) What action will the State Government take to check why the public interest provisions have failed in such legislative reviews under the national competition policy agreements? Hon N.D. GRIFFITHS replied: (1) A reference group was formed in November 1996 to review the Act, and the membership was the Australian Bankers Association, the Australian Finance Conference, the Consumer Credit Legal Service (WA), consumer representatives, the Finance Brokers Supervisory Board, the Financial Counsellors Association of Western Australia, the Mortgage Industry Association of Australia, mortgage originators, the Institute of Finance Brokers of Western Australia, and the Ministry of Fair Trading. An interim report was released for public comment in July 1997, and the final report was provided to the previous Government in December 1998. (2) I understand that the cabinet of the previous Government endorsed the recommendations of the reference group’s report but no drafting commenced. This Government does not support the repeal of the Act, and appropriate proposals now being considered will significantly strengthen the supervision of finance brokers. (3) The Government recognises the inadequacies of the processes followed by the previous Government, and at the last election made a commitment to ensure the often forgotten public interest test is applied to any change recommended by the national competition processes. In addition, the Government also gave a commitment that the problems of those adversely affected by any change will not be dismissed as transitionary problems.
Hon N.D. GRIFFITHS replied: (1) A reference group was formed in November 1996 to review the Act, and the membership was the Australian Bankers Association, the Australian Finance Conference, the Consumer Credit Legal Service (WA), consumer representatives, the Finance Brokers Supervisory Board, the Financial Counsellors Association of Western Australia, the Mortgage Industry Association of Australia, mortgage originators, the Institute of Finance Brokers of Western Australia, and the Ministry of Fair Trading. An interim report was released for public comment in July 1997, and the final report was provided to the previous Government in December 1998. (2) I understand that the cabinet of the previous Government endorsed the recommendations of the reference group’s report but no drafting commenced. This Government does not support the repeal of the Act, and appropriate proposals now being considered will significantly strengthen the supervision of finance brokers. (3) The Government recognises the inadequacies of the processes followed by the previous Government, and at the last election made a commitment to ensure the often forgotten public interest test is applied to any change recommended by the national competition processes. In addition, the Government also gave a commitment that the problems of those adversely affected by any change will not be dismissed as transitionary problems.
(1) A reference group was formed in November 1996 to review the Act, and the membership was the Australian Bankers Association, the Australian Finance Conference, the Consumer Credit Legal Service (WA), consumer representatives, the Finance Brokers Supervisory Board, the Financial Counsellors Association of Western Australia, the Mortgage Industry Association of Australia, mortgage originators, the Institute of Finance Brokers of Western Australia, and the Ministry of Fair Trading. An interim report was released for public comment in July 1997, and the final report was provided to the previous Government in December 1998. (2) I understand that the cabinet of the previous Government endorsed the recommendations of the reference group’s report but no drafting commenced. This Government does not support the repeal of the Act, and appropriate proposals now being considered will significantly strengthen the supervision of finance brokers. (3) The Government recognises the inadequacies of the processes followed by the previous Government, and at the last election made a commitment to ensure the often forgotten public interest test is applied to any change recommended by the national competition processes. In addition, the Government also gave a commitment that the problems of those adversely affected by any change will not be dismissed as transitionary problems.
(3) The Government recognises the inadequacies of the processes followed by the previous Government, and at the last election made a commitment to ensure the often forgotten public interest test is applied to any change recommended by the national competition processes. In addition, the Government also gave a commitment that the problems of those adversely affected by any change will not be dismissed as transitionary problems.
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