Licensing Debt Management Firms: Exposure Draft Regulations
Related Projects
Product Intervention Orders: Short Term Credit Contracts and Continuing Credit Contracts
Submission to: ASIC re Consultation Paper 335
Submission from the financial counselling sector to ASIC supporting the proposed use of their product intervention powers that would have the effect of stopping Cigno and associated companies using business models that take advantage of exemptions in the law and sees them charging consumers fees well above the maximum allowable under regulated credit. The submission draws on the casework experiences of financial counsellors and points out the substantial detriment these business models are having on people.
Submission from the financial counselling sector to ASIC supporting the proposed use of their product intervention powers that would have the effect of stopping Cigno and associated companies using business models that take advantage of exemptions in the law and sees them charging consumers fees well above the maximum allowable under regulated credit. The submission draws on the casework experiences of financial counsellors and points out the substantial detriment these business models are having on people.
Pre-Budget Submission re 2020-21 Budget
Submission to: Treasury
The submission recommends that the Government implement the key recommendations of the Sylvan Review of financial counselling. This would entail formally accepting the recommendations of the Sylvan Review and immediately starting the process to draft legislation to implement the industry funding mechanism for financial counselling described in the Review. The submission also recommends that the government introduce the National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms) Bill and regulate debt management companies. All of these recommendations would help prevent financial stress and harm and are vital components of a financial recovery package.
The submission recommends that the Government implement the key recommendations of the Sylvan Review of financial counselling. This would entail formally accepting the recommendations of the Sylvan Review and immediately starting the process to draft legislation to implement the industry funding mechanism for financial counselling described in the Review. The submission also recommends that the government introduce the National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consumer Lease Reforms) Bill and regulate debt management companies. All of these recommendations would help prevent financial stress and harm and are vital components of a financial recovery package.