Financial Accountability Regime

Submission to: ASIC
We support ASIC using its product intervention power to prohibit short term lending models (the Cigno model). The short term lending model currently being used by Cigno causes significant harm to people and we urge ASIC to intervene urgently.

Submission to: Attorney-General’s Department
Joint submission from the financial counselling sector in response to three proposed changes to the bankruptcy laws. We support a reduction of the bankruptcy period from three years to one year (subject to safeguards), argue strongly against changing the current eligibility criteria for debt agreements and support proposals to rein in untrustworthy advisors.