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".
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CONSUMER CREDIT LEGAL SERVICE, CONSUMER ACTION LAW CENTRE, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY