The Ministerial Council on Consumer Affairs has released a discussion paper detailing options for a national regulatory scheme for finance and mortgage brokers.

The paper discusses entry requirements to the industry as well as consumer protection and redress mechanisms.

Mortgage brokers will have to obtain a licence, detail the reasons for their recommendations to consumers, and disclose all commissions.

The Ministerial Council invites comments or submissions on the issues raised and the proposals to address those issues no later than 15 February 2005.