New rules for financial advisers and mortgage brokers won’t increase the red tape burden says assistant treasurer... Perth house prices continue downward spiral...
New broker rules won't add to red tape: O'Dwyer
As the government looks to raise the standards on advisers and increase brokerage ownership disclosure rules after the Murray Financial System inquiry recommendations, assistant treasurer Kelly O’Dwyer is confident it won't add to the red tape burden already weighing on the industries, The Australian reports.
O’Dwyer says, “If you were to get the implementation of this wrong you could, in fact, increase the complexity and regulatory burden that financial advisers face.
“We think that with broad community consultation we’d be able to minimise any regulatory burden on business and the trade-off will be higher standards. This is something that the industry itself has demanded.”
Higher professional standards for financial advisers, such as a degree, are also set to be implemented and the new rules are designed to bring confidence back to the financial advice industry.
“Consumers have been tested in recent times and the government is very keen to ensure that we have the best possible advice for people’s financial future,” O’Dwyer said.
Mortgage Choice chief executive John Flavell said the new rules would be only good news for the industry and would not harm his business.
“I don’t think our position puts us at any sort of disadvantage relative to our peers,” Flavell said.
“Regardless of which institution our brokers deal through, they are paid exactly the same. It’s unique in the marketplace and it means we’re not compromised by ownership.”
Perth house prices continue downward spiral
Perth house prices have dropped more than four per cent in the past three months as the city continues to feel the effects of the mining downturn, according to an article in The Australian.
The median house price in the West Australian capital fell 4.2 per cent to $522,133 in the September quarter, down on the revised June quarter median of $545,000, preliminary figures released by the Real Estate Institute of Western Australia show
REIWA president Hayden Groves said there were high stock levels, with 16,000 properties for sale in Perth over the past week.
Stock levels like these haven't reached these levels since the immediate post global financial crisis days, and well above the long term average of 12,000 properties, says Groves.
As the government looks to raise the standards on advisers and increase brokerage ownership disclosure rules after the Murray Financial System inquiry recommendations, assistant treasurer Kelly O’Dwyer is confident it won't add to the red tape burden already weighing on the industries, The Australian reports.
O’Dwyer says, “If you were to get the implementation of this wrong you could, in fact, increase the complexity and regulatory burden that financial advisers face.
“We think that with broad community consultation we’d be able to minimise any regulatory burden on business and the trade-off will be higher standards. This is something that the industry itself has demanded.”
Higher professional standards for financial advisers, such as a degree, are also set to be implemented and the new rules are designed to bring confidence back to the financial advice industry.
“Consumers have been tested in recent times and the government is very keen to ensure that we have the best possible advice for people’s financial future,” O’Dwyer said.
Mortgage Choice chief executive John Flavell said the new rules would be only good news for the industry and would not harm his business.
“I don’t think our position puts us at any sort of disadvantage relative to our peers,” Flavell said.
“Regardless of which institution our brokers deal through, they are paid exactly the same. It’s unique in the marketplace and it means we’re not compromised by ownership.”
Perth house prices continue downward spiral
Perth house prices have dropped more than four per cent in the past three months as the city continues to feel the effects of the mining downturn, according to an article in The Australian.
The median house price in the West Australian capital fell 4.2 per cent to $522,133 in the September quarter, down on the revised June quarter median of $545,000, preliminary figures released by the Real Estate Institute of Western Australia show
REIWA president Hayden Groves said there were high stock levels, with 16,000 properties for sale in Perth over the past week.
Stock levels like these haven't reached these levels since the immediate post global financial crisis days, and well above the long term average of 12,000 properties, says Groves.
