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Property advice on agenda
By John Wilkinson
Property investment advice is to be included in the new Federal Government discussion paper on the regulation of financial advice, the Superannuation Minister, Senator Nick Sherry, has confirmed.
Speaking at an Association of Financial Advisers event in Melbourne, the minister said the Green Paper, which is to be issued early next week, would look at mortgage broking, trustee companies, debentures and margin lending.
“Property advice is state regulated and bona fide real estate agents will continue with these regulations where no product advice is given,” the minister said.
“But when property is included in a product, then that should be regulated at a Federal level.”
Sherry said a real estate agent selling a family home does not give specific financial advice, but specialist property agencies selling investment properties will need some form of licence.
However, a meeting between the states and the Federal Government did not sign off on Federal licensing of specialist property advice as done so for mortgage brokers.
“The Green Paper on the regulation of financial advice raises the issue of licensing specialist property advisers,” Sherry said.
“We are looking to create a single regulatory system for all these areas talked about in the Green Paper.”
The minister said the days of states regulating financial services are long gone.
“The current regime of state regulations on consumer credit doesn’t do enough to stop predatory lending,” he said.
“Australia needs financial services regulated at a national level.”
23 May 2008
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