Inquiry into Competition in the Australian Financial System – Joint Submission
Submission to: Productivity Commission
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.
Review of the Privacy (Credit Reporting) Code 2014 (Version 2.1)
Submission to: Office of the Australian Information Commissioner
Joint consumer submission (led by Financial Rights Legal Centre) contains numerous recommendations to improve the current code. As currently drafted it is impenetrable and needs to be rewritten in simpler and clearer language. We recommend that it be broken up into principles-based consumer provisions and technical industry-facing provisions. There is so much wrong with the Code, that it is difficult to summarise the over 40 recommendations. They cover statute barred debt, family violence, the code oversight body, better timeframes, free credit reports, improving the corrections process and the perverse situation where shopping around for a credit product adversely affects a credit report.
Joint consumer submission (led by Financial Rights Legal Centre) contains numerous recommendations to improve the current code. As currently drafted it is impenetrable and needs to be rewritten in simpler and clearer language. We recommend that it be broken up into principles-based consumer provisions and technical industry-facing provisions. There is so much wrong with the Code, that it is difficult to summarise the over 40 recommendations. They cover statute barred debt, family violence, the code oversight body, better timeframes, free credit reports, improving the corrections process and the perverse situation where shopping around for a credit product adversely affects a credit report.