Original article by Paul Smith
The Australian Financial Review – Page: 19 : 23-Nov-20
The federal government’s proposed changes to responsible lending laws have been attacked by a consortium of consumer rights advocacy groups. In a submission to the government’s inquiry into the proposed changes, the groups have labelled them as "fundamentally defective". They note that the changes represent a direct contradiction of the banking royal commission’s first recommendation, namely that the National Consumer Credit Protection Act should not be revised to alter the "obligation to assess unsuitability".
CONSUMER CREDIT LEGAL SERVICE, CONSUMER ACTION LAW CENTRE, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY