NZMBA warns brokers to be careful
By that date all mortgage brokers must be either AFA or RFA accredited, and Pratley said it was important brokers' acted now to achieve accreditation, taking measures including signing up to a disputes resolution service, undertaking the required training courses and registering with the Companies Office.
Pratley warned brokers that once the new regime goes live government regulators "are going to be looking for some headlines" and may seek to make a publicity-grabbing move to prove regulation is working.
He said when estate agents faced similar regulatory changes there was a spike in complaints as consumers were made more aware of avenues for redress.
The Securities Commission may adopt tactics such as examining Yellow Pages adverts to look for unregistered companies, then targeting those companies.
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