MEDIA RELEASE: Consumer advocates welcome recommendation for stricter controls of credit funded gambling online
Consumer advocates welcome recommendation for stricter controls of credit funded gambling online
Consumer groups applaud Federal Court ruling to uphold ASIC intervention in short-term credit market
Today’s Full Federal Court decision to dismiss an application by Cigno Pty Ltd (Cigno), seeking to quash the Australian Securities and Investments Commission’s (ASIC) product intervention order to reign in short-term credit fees and charges, has been applauded by consumer advocates.
Court decision on Cigno lending model “extremely disappointing”
Today’s Federal Court decision that the lending model promoted by Cigno Pty Ltd did not breach the National Consumer Credit Protection Act (National Credit Act) is extremely disappointing, and consumer advocates have urged the Australian Securities and Investments Commission (ASIC) to appeal the decision.
“Recipe for economic disaster”: Consumer groups slam Senate report on lending laws
Financial Rights joins consumer groups to condemn Senate Inquiry Report, as vote looms on Government’s disastrous proposal to axe safe lending laws.
Buy now pay later sector must be regulated by Government NOT itself
Consumer groups have united to call for Federal Government regulation of buy now pay later (BNPL) services to protect consumers and put all credit providers on a level playing field. Today the Australian Finance Industry Association released a self-regulatory code of conduct for BNPL providers. While it’s positive to see the industry […]
Over 590,000 Australians have relied on safe lending laws for justice
As the Senate Economics Committee hosts hearings in Canberra on Friday 19 February, 2021, over 22,000 Australians have joined the call for Federal Senators to strengthen instead of repeal safe lending laws, with many sharing personal stories of unsafe lending harm.
‘A disastrous winding back of consumer protections’ Consumer groups call on lawmakers to reject proposed change
“If this Bill is passed, it will cause untold harm to individuals and families. Removing these protections will allow lenders to load people up with unaffordable debt at a time when many people are already struggling amidst the pressures of COVID-19.”
New invasive credit reporting rules will hit consumers while safe lending protections under threat
Consumers will have private financial hardship information exposed on their credit reports for the first time as a result of the passing of the National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Bill 2019.
Consumers warned to avoid Christmas debt
The Financial Rights Legal Centre and Mob Strong Debt Help are urging consumers to be careful if taking out loans or using buy now, pay later services (BNPL) to keep up with Christmas expenses.
MEDIA RELEASE: Consumer groups slam move to remove responsible lending laws
25 September 2020 Removing credit protections will harm people and the economy. CHOICE, Consumer Action Law Centre, Financial Counselling Australia and the Financial Rights Legal Centre have responded to the Australian Government’s announcement that it will remove credit protections for borrowers saying right now what people need is more income, not more debt. Government’s proposed […]