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 […]
Media Release: New Liquidator Data Reveals ‘Targeted Exploitation’ Of First Nations Communities Through Centrepay System
No ratings yet. Youpla’s liquidators also revealed the company has had over 150,000 policies active at different times between 1992 and 2019, with around 20,000 still active in 2019. This reveals the scale of the harm caused to First Nations communities and provides insight into how their exploitative model relied on ‘churning’ sign-ups and cancellations […]
Media Release: ‘A Matter Of Urgency’: Community Sector Calls On Senate To Pass The Financial Sector Reform Bill Now
No ratings yet. Community organisations that are part of the Stop the Debt Trap Alliance are urging the Senate not to further delay the Financial Sector Reform (FSR) Bill. The Bill needs to be passed as a matter of urgency in the remaining Parliamentary sitting days of 2022. Anglicare Australia, Consumer Action Law Centre, CHOICE, […]
Media Release: Buy Now Pay Later Changes Must Go All The Way, Consumer Groups Say
No ratings yet. Buy now pay later (BNPL) products must be fully regulated as credit to protect consumers and put all credit providers on a level playing field, a coalition of consumer groups has said. The group, including CHOICE, financial counselling associations and consumer legal centres, has made the call as Treasury releases a consultation […]
Media Release: Let’s Pass The Finance Sector Reform Bill: The Stop The Debt Alliance Strongly Endorses Senate Committee Recommendation
No ratings yet. The Stop the Debt Trap Alliance, a coalition of dozens of consume advocacy organisations from around Australia, including financial experts, community advocates and service providers has strongly endorsed a recommendation from the Senate Economics Legislation Committee that the Finance Sector Reform Bill 2022 (FSR Bill) be passed and called on it to happen as […]
Media Release: Harvey-Norman And Latitude Case Alleging Misleading ‘Interest-Free’ Credit Card Promotions Welcomed By Consumer Advocates
No ratings yet. Consumer Action, Financial Rights Legal Centre and CHOICE have welcomed the Australian Securities and Investments Commission’s (ASIC) commencing legal action against Latitude Finance Australia and Harvey Norman Holdings for misleading interest free advertising in relation to credit cards promoted in Harvey Norman stores. Community lawyers and financial counsellors have assisted many clients […]
Media Release: Consumer And Social Service Groups Welcome Community Consultation On Removing Buy-Now-Pay-Later And Other Credit Loopholes
No ratings yet. Key consumer and social service groups are welcoming the Federal Government’s announcement that the process of introducing better safeguards for buy now pay later (BNPL) and other credit products has now begun. This morning the Assistant Treasurer and Minister for Financial Services, Stephen Jones, has told participants at a conference that the […]
