Joint consumer submission – mortgage broker best interests duty and remuneration reforms

Submission to: Financial Services Reform Taskforce, Treasury
We support DADOs applying as broadly as possible to reduce the number of loopholes in the law (a problem called out in the Financial Services Royal Commission). For example, DADOs should apply to buy now, pay later products. This submission supports the extension of DADOs to basic bank accounts. We argue that proposed exclusions for credit provided for business purposes and pawnbrokers should be removed, so that they are also included in the regime.

Submission to: Attorney-General’s Department
Joint submission from Financial Rights Legal Centre, Consumer Action Law Centre and FCA setting out why the bankruptcy threshold should be increased to $50,000. It is currently $5,000. This means that people can unfairly lose their homes over very small debts and that bankruptcy is inappropriately used as a debt collection tool.