Consumer groups welcome new laws regulating Buy Now, Pay Later as credit but some concerns remain
No ratings yet. New laws regulating Buy Now, Pay Later (BNPL) have been announced today. Consumer groups respond as follows: Quotes attributable to Alexandra Kelly, Director of Casework of Financial Rights Legal Centre “Today is a great day for Australian consumers with the Government introducing legislation to at long last treat Buy Now, Pay Later […]
Advocates welcome continued ban on use of Centrepay by business operating in remote Australia, and call for broader Centrepay reform
First Nations and other consumer advocates have welcomed the extension of ASIC’s interim Stop Order on Coral Coast Distributors (Cairns) Ptd Ltd trading as Urban Rampage (Urban Rampage) retail stores, where customers enter agreements to pay for goods on credit through Centrepay deductions. The original stop order was imposed because ASIC received complaints about Urban […]
Consumer groups welcome step towards treating Buy Now, Pay Later as credit
Regulation of Buy Now, Pay Later a step closer, but concerns remain over details Consumer groups respond to draft Buy Now, Pay Later legislation (BNPL) released today. Quotes attributable to Karen Cox, CEO of Financial Rights Legal Centre “ Today is a positive day for Australian consumers with the Government proposing draft legislation to treat […]
Financial Rights in the Media – Mortgage stress
What to do if you’re struggling to make your mortgage repayments as interest rates rise By ABC business reporter Stephanie Chalmers After 12 interest rate rises since last May, home owners who have a mortgage are facing a steep rise in repayments. Borrowers are feeling the pain to varying degrees — if there are two more […]
“Buy now, pay later loans need to be subject to strong safe lending tests to protect people from harm”: Consumer groups respond to BNPL reform announcement
No ratings yet. Consumer groups and financial counsellors have said that the Government’s plans for regulation of the buy now, pay later (BNPL) sector announced today will need to include strong requirements for lenders to ensure that loans are safe and suitable regardless of the size of the loan in order to protect people from […]
Advocates And Industry Agree: Time To Close Lending Loopholes On Buy Now, Pay Later
No ratings yet. Key stakeholders call for buy now, pay later should be regulated as meantime credit In submissions released publicly by the Treasury today, major banks, industry associations, regulators and consumer advocates are unified in calling for an end to lending loopholes allowing buy now, pay later providers to avoid safe lending laws. Groups […]
Media Release: Regulate Buy Now, Pay Later Like Other Credit Products To Boost Customer Safeguards, Consumer Groups Say
No ratings yet. Buy Now, Pay Later (BNPL) late fees and charges would be capped, and providers would be licensed and banned from making unsolicited offers of credit, under recommendations for proper regulation of the sector proposed by a coalition of 15 consumer and legal groups. They are three of a raft of proposals by […]
Media Release: High Court Dismisses Last Ditch Appeal By Rogue Lender
No ratings yet. Consumer advocates have welcomed the dismissal by the High Court of a special leave application by Cigno Pty Ltd (Cigno) and BHF Solutions Pty Ltd (BHFS) against the Full Federal Court’s finding in enforcement proceedings brought by corporate regulator the Australian Securities and Investments Commission (ASIC). Cigno and BHFS sold small amount […]
Media Release: Revision To Banking Code Of Practice Needs Teeth To Really Help Those Doing It Tough
No ratings yet. Consumer advocates are calling for Australian banks to maintain and enhance robust consumer protections, following an independent review of the Banking Code of Practice (the Banking Code). The Australian Banking Association (ABA) has published its response to the 2021 Independent Review of the Banking Code of Practice today, authored by Mike Callahan. […]
Media Release: Consumer Protections For High-Cost And Harmful Payday Loans And Consumer Leases Finally Pass Parliament
No ratings yet. After a late-night Senate sitting, Consumer Advocacy groups across Australia are celebrating the passing through the Federal Parliament of long overdue reforms that will protect consumers from falling into payday loans and consumer lease debt traps. The Financial Sector Reform Bill 2022 has finally passed after 6 years of advocacy by the […]
