We have summarised some of the major rule changes from the 5th Edition Rules to the 6th Edition Rules and have explained the reasons for each of the changes.

Under the new National Consumer Credit Protection Bill, businesses which currently engage in credit activities (for e.g. lenders, brokers and other intermediaries) will be required to register with ASIC. Registration commences on 1 November 2009 and closes on 31 December 2009.

With the dramatic fall in interest rates, it was inevitable that COSL would receive a considerable number of complaints about break costs.

COSL is acutely aware that industry participants continue to face very challenging times. It has been our deliberate policy to keep our membership and complaint fees to an absolute minimum. In fact, membership fees for brokers have not been increased since 1 August 2005.

We have welcomed the Commonwealth Governments decision to increase the Financial Hardship monitory threshold to $500,000.