Government considers regulation for property & financial advice.

Discussions in federal parliament are taking place to stamp out illegitimate property and financial advice.

Tighter property investment regulation and expanded financial literacy programs have been suggested to stamp out property investors being “ripped off” by spruikers.

Recommendations to protect the public include giving courts the power to order offenders in breach of the Trade Practices Act to issue refunds to consumers and the Commonwealth regulating property investment advice.

One report has suggested that an Australian Financial Services Licence should be mandatory for those providing property investment advice, while property investment loans secured by home equity should be subject to a 14-day cooling off period.

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Source: Landsburys Daily Wrap

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