The Queensland Government has released for public consultation a Regulatory Impact Statement (pdf) on a proposed code of conduct to regulate finance brokers.
The proposed regulation incorporates a mandatory Code of Conduct which aims to address the following areas:
- disclosure of broker commissions, fees and other information;
- justification of professional recommendations;
- caveats or restrictions over consumer assets to secure brokers fees; commissions or other benefits;
- professional standards of behaviour;
- confidentiality and privacy of customer information; and
- dispute resolution.
Comments can be made until Friday 11 May 2007.
