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“Buy now, pay later loans need to be subject to strong safe lending tests to protect people from harm”: Consumer groups respond to BNPL reform announcement

Consumer groups and financial counsellors have said that the Government’s plans for regulation of the buy now, pay later (BNPL) sector announced today will need to include strong requirements for lenders to ensure that loans are safe and suitable regardless of the size of the loan in order to protect…

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Federal Government commits to establishing enduring resolution for Youpla victims ‘within months’ – key details to be finalised

Quotes attributable to Bettina Cooper, Boandik woman, Save Sorry Business Coalition coordinator and Aboriginal financial counsellor at Mob Strong Debt Help “It is over 30 years since Youpla started targeting First Nations communities with misleading practices, selling them funeral insurance marketed as a funeral fund. It is over 20 years…

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Debt collection ban for social welfare recipients a step forward but ‘in-house’ approach must comply with Australian Consumer Law

Consumer Action Law Centre and Financial Counselling Australia have welcomed the Government’s announcement today banning the use of external debt collectors for social welfare recipients by Centrelink, and called for the Government’s new in-house debt recovery approach to strictly comply with Australian Consumer Law (ACL). “While it’s too late for…

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Now is the time to make positive reforms to bankruptcy laws: consumer advocates

Consumer advocates around Australia have welcomed moves by Attorney-General Mark Dreyfus KC MP to reform bankruptcy laws. Last month, consumer advocates attended a Ministerial Roundtable on Personal Insolvency to discuss pressure points in the current system, critical reform areas and longer-term strategic challenges with the Attorney-General and stakeholders. “We strongly…

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