‘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.
Consumer groups on Banking Royal Commission reforms
Consumer groups welcome today’s passage of Royal Commission recommendations into law, but condemns the government for introducing the law to axe safe lending laws into the House.
Letter to editor: The case for repealing Australia’s safe lending laws is flimsy at best and is likely to cause real harm
Letter to AFR editor in response to editorial “Pull lending laws into line with ‘wagyu and shiraz'” which is factually inaccurate and grossly overstates the case for dismantling Australia’s world-leading safe lending regime.
Repeal of lending protections will hurt women facing domestic violence
Consumer groups, financial counsellors and domestic violence advocates have slammed the Australian Government’s plans to remove critical protections for women experiencing economic abuse.
One step forward, two steps back: Banking Royal Commission reforms welcomed but deep concerns remain
Consumer groups* have strongly welcomed the introduction of a Bill today in Parliament to prevent hard-sell tactics for insurance and other financial products. The Bill introduces some of the 76 long-awaited reforms to strengthen Australian’s consumers rights recommended by the Banking Royal Commission. “These reforms target hard-sell tactics for insurance after heart-wrenching stories were uncovered […]
MEDIA RELEASE: Predatory lending risks undermining Government’s economic recovery effort
7 October, 2020 With jobs, household spending and economic recovery the focus of last night’s Budget, the Stop the Debt Trap Alliance is warning that lax protections from predatory lenders risk undermining the Government’s efforts. “For the many people out of work due to the Covid-19 crisis, this will be the first time they’ve faced […]
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 […]
Report misses the mark on buy now pay later regulation
The Senate Select Committee on Financial Technology and Regulatory Technology has published its Interim Report. Consumer groups say the Interim Report has missed the mark on its recommendation encouraging self-regulation in ‘innovative’ financial services. Among its findings the Committee recommends that the Australian Government establish a “…culture of innovation and competition in financial services by supporting […]