Consumer Action Law Centre (Consumer Action), WEstjustice and the Financial Rights Legal Centre (Financial Rights) strongly support ASIC’s proposed intervention to ban the issuing of continuing credit contracts in the manner described in paragraphs 16-22 of CP330. The significant detriment being caused by this lending model is similar to that which justified ASIC’s previous intervention ASIC Corporations (Product Intervention Order – Short Term Credit) Instrument 2019/917 (First PIO) in September 2019.
