Financial Rights has joined Consumer Action Law Centre, Financial Counselling Australia, Consumer Credit Legal Service (WA) Inc, Choice, Uniting Communities Consumer Credit Law Centre SA, Care and Consumer Law Centre ACT, Indigenous Consumer Assistance Network, Victorian Aboriginal Legal Service and Redfern Legal Centre to strongly oppose the Bill and urge the Committee to recommend that it be abandoned by the Australian Government. If passed the Bill would reduce people’s legal rights against lenders, reduce incentives for lenders to comply with lending standards, reduce requirements for lenders to check information on loan applications and dismantle the ASIC and APRA regulatory regime for bank lending.
