Federal Government Silent on Debt Vulture Warnings

It has been eighteen months since the Australian Securities and Investments Commission (ASIC) warned the Federal Government that so-called “debt management” firms are engaging in misleading and predatory conduct.

The Consumer Action Law Centre wrote to the Federal Government shortly afterwards, calling for better regulation in the sector, but have yet to receive a response.

“We are still waiting for state and federal consumer affairs ministers to implement a new regulatory framework for debt management firms,” said Cat Newton, policy officer at Consumer Action. “In the meantime, the 2 million Australians experiencing high financial stress continue to be easy pickings for these debt vultures.”

Click here to read the full report from Guardian Australia.