Standards

3 December , 2022

Consumer protections for high-cost and harmful payday loans and consumer leases finally pass Parliament

After a late-night Senate sitting, Consumer Advocacy groups across Australia are celebrating the passing through the Federal Parliament of long overdue reforms that will protect consumers from falling into payday loans and consumer lease debt traps. The Financial Sector Reform Bill 2022 has finally passed after 6 years of advocacy by the Stop the Debt…

10 October , 2013

Cash Converters Action-Financial Counselling Australia Statement

Financial counsellors are available on 1800 007 007.

28 February , 2013

ASIC guidance on new responsible lending laws

Regulator signals tougher responses to deliberate breaches of the National Consumer Credit Protection Act 2009.

31 January , 2013

Should small amount loans be registered?

ASIC consults on effectiveness of online database for payday loans

21 August , 2012

Consumer Credit Bill offers mixed bag for consumers

Changes to legislation fail to recognise the need to better regulate short-term creditors.

17 May , 2012

Payday lender’s advertising potentially misleading or in breach of consumer credit laws

A Money3 advertisement boasting that no loan application will be refused has raised the ire of Consumer Action which has asked the ASIC to investigate.

3 April , 2012

Government to backflip on payday lending law reforms?

Is the Commonwealth about to further weaken payday lending laws under pressure from industry? Gerard Brody of Consumer Action Law Centre reviews the arguments. He says interest rates of 288% will not put any pressure on the payday industry to change their harmful practices.

9 March , 2012

Stick with Reform of Payday Lending say Financial Counsellors

Financial counsellors are alarmed that proposed changes will double the amount that lenders can charge vulnerable
consumers for short?term loans.

6 March , 2012 0 comments

Ombudsman asked to consider lending practices of payday loan provider

CFA member, Consumer Action is lodging another dispute against a high profile payday loan provider.

20 January , 2012 0 comments

Payday Loan “ATMs” – A New Low in Irresponsible Lending

An Australian fringe lending company is introducing payday loan “kiosks” which look like ATMs into Queensland shopping centres, a move that financial counsellors say could put financially vulnerable families at greater risk post the holidays.

23 November , 2011 0 comments

ASIC seeks consistency in micro lenders’ responsible lending practices

ASIC’s review of the practices of 19 pay day and other short-term small amount lenders has found that while the majority are aware of and taking steps to comply with their responsible lending obligations, further improvements need to be made.

22 November , 2011 0 comments

Stronger hand needed to stop debt traps – committee to report this week

With the Commonwealth Parliament’s joint committee on corporations and financial services due to report soon, Annette Sampson reports in the SMH on a Queensland court decision that exposes the problems in the payday lending industry.