Financial Rights along with Consumer Action Law Centre, Financial Counselling Australia, Consumer Credit Law Service (WA), CHOICE, Uniting Communities Consumer Credit Law Centre SA, Care, Consumer Law Centre ACT, NILS Network of Tasmania, Indigenous Consumer Assistance Network and Redfern Legal Centre condemn plans to axe safe lending laws.
Proposed changes risk more people being sold unsuitable credit products that will do them and the economy long term financial harm. This is not the solution to a recession—in fact, these measures are more likely to prolong the recession.
In addition, the planned reform directly contradicts Recommendation 1.1 of the Financial Services Royal Commission.
