ASIC Consultation Paper 330 – Using the Product Intervention Power re Continuing Credit Contracts
Submission to: ASIC
Related Projects
The Bankruptcy System and the Impacts of Coronavirus – Discussion Paper
Submission to: Attorney-General’s Department
Joint consumer group submission (led by Financial Rights Legal Centre) response to a discussion paper from the Federal Attorney-General’s Department. The submission recommends that the default period for bankruptcy should reduce to 1 year (and if so, changes should also be made to the credit reporting system), that charging fees for bankruptcy advice should be banned, the Bankruptcy Act should be amended so that people who later experience further financial hardship can apply to reduce their contributions and that all small business lenders should be members of AFCA. The submission also makes a raft of recommendations in relation to debt agreements, including that the income, debt and asset thresholds should not increase, that the term limit remain the same and that bankrupts be allowed to keep compensation awarded by AFCA. Other recommendations includes that payments from TPD insurance should be protected in bankruptcy, bankrupts should be able to retain accumulated savings, once they have met their income contributions and the fees charged by bankruptcy trustees should be subject to a review as well as greater auditing and enforcement from AFSA. Financial counselling should be available in all Federal Circuit Courts (based on the approach in the Melbourne registry).
Joint consumer group submission (led by Financial Rights Legal Centre) response to a discussion paper from the Federal Attorney-General’s Department. The submission recommends that the default period for bankruptcy should reduce to 1 year (and if so, changes should also be made to the credit reporting system), that charging fees for bankruptcy advice should be banned, the Bankruptcy Act should be amended so that people who later experience further financial hardship can apply to reduce their contributions and that all small business lenders should be members of AFCA. The submission also makes a raft of recommendations in relation to debt agreements, including that the income, debt and asset thresholds should not increase, that the term limit remain the same and that bankrupts be allowed to keep compensation awarded by AFCA. Other recommendations includes that payments from TPD insurance should be protected in bankruptcy, bankrupts should be able to retain accumulated savings, once they have met their income contributions and the fees charged by bankruptcy trustees should be subject to a review as well as greater auditing and enforcement from AFSA. Financial counselling should be available in all Federal Circuit Courts (based on the approach in the Melbourne registry).
Compensation Scheme of Last Resort
Submission to: Treasury
Joint consumer group submission (led by CHOICE). The submission argues that an effective Compensation Scheme of Last Resort should have broad coverage so that it includes any financial service or product that comes within the jurisdiction of the Australian Financial Complaints Authority. It is particularly important that the CSLR cover funeral expense policies managed investment schemes and debt management firms. The compensation cap for the CSLR should be the same as that for AFCA.
Joint consumer group submission (led by CHOICE). The submission argues that an effective Compensation Scheme of Last Resort should have broad coverage so that it includes any financial service or product that comes within the jurisdiction of the Australian Financial Complaints Authority. It is particularly important that the CSLR cover funeral expense policies managed investment schemes and debt management firms. The compensation cap for the CSLR should be the same as that for AFCA.