NZMBA prepares for regulation

Wednesday 8 September 2004

The New Zealand Mortgage Brokers’ Association is working on getting the government to accept a regulatory framework based on self-regulation with "empowering legislation" backing it up, retiring association chairman Brian Berry says.

By The Landlord

Late last month, Commerce Minister Margaret Wilson announced that the government was setting up a task force to look at ways of regulating financial intermediaries.

"Regulation isn’t a matter of if, but when," Berry told last week’s NZMBA annual conference.

Since the government’s only interest is in protecting consumers, the NZMBA has to be able to assure it that it has the appropriate processes in place to do that, Berry said.

As part of that, the NZMBA has developed a template for disclosure, including a personal disclosure statement, which is intended to become compulsory for all members, he said.

The NZMBA is working on empowering inter-lender and inter-broker communication, particularly the sharing of information relating to potential breaches of ethics and standards, he said.

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