national consumer credit protection act

• Bernard Kellerman

The way has been cleared for But Now Pay Later services to be regulated under national consumer credit laws, if recommendations from the Senate Economics Legislation Committee are followed. read more

• Ian Rogers

With retail sales of $18.4 billion attributed to the loosely regulated buy now pay later credit sector, the Australian Retailers Association is anxious that regulatory reforms will be, as prom.. read more

• John Kavanagh

Submissions to ASIC’s consultation on the proposed revision of the Australian Banking Association’s Banking Code of Practice have focused on the ABA’s plan to remove obligations that it sees as duplic.. read more

• John Kavanagh

Providers of low cost credit contracts, including buy now pay later companies, will have to hold a credit licence and comply with modified responsible lending obligations under proposed changes to the.. read more

• John Kavanagh

Almost five years since the final report of the Hayne royal commission detailed the full extent of bank misconduct, recent headlines have detailed banks charging for services not provided, giving misl.. read more

• John Kavanagh

For first time ASIC has opened consultation on an industry code before approving it, and there is plenty for interested parties to get their teeth into. read more

• John Kavanagh

ASIC has commenced proceedings against Cigno Australia and its associate BSF Solutions, alleging they provided credit without a licence. It was only three months ago that ASIC won a case against a pai.. read more

• John Kavanagh

ANZ will pay a $15 million fine for misleading customers about the funds available in their credit card accounts. read more

• John Kavanagh

ASIC has won the latest battle in its long-running war with payday lender BHF Solutions and its associate Cigno, with the Federal Court ruling that BHF and Cigno engaged in credit activity without hol.. read more

• John Kavanagh

Regulations giving effect to an overhaul of the law covering small amount credit contracts and consumer leases have been formally registered by the Governor-General, ahead of the reforms taking effect.. read more

• John Kavanagh

ASIC has issued a warning to credit providers and debt management companies that it plans to target predatory lending and high-cost credit as it focuses on protecting consumers facing hardship. read more

• Ian Rogers

The Federal Court has penalised ANZ A$10 million in relation to its Home Loan Introducer Program, a scheme wound down in late 2018. read more

• John Kavanagh

The protected earnings amount that will apply to all consumers taking out small amount credit contracts and consumer leases under new credit law has been set at 10 per cent of net income. read more

• John Kavanagh

The government is almost certain to extend coverage of the National Consumer Credit Protection Act to buy now pay later providers if it follows the consensus view of the submissions to its consultatio.. read more

• John Kavanagh

The ABA has rejected key recommendations of the review of the Banking Code of Practice designed to tackle banks’ dismissive attitude to the code. read more

• John Kavanagh

The parliamentary year finished on Friday with the passage of the Financial Sector Reform Bill but there was one significant omission from the omnibus bill – the Financial Services Compensation Scheme.. read more

• John Kavanagh

The government has put forward stronger self-regulation of the buy now pay later industry as one option for improving outcomes for consumers using BNPL. read more

• John Kavanagh

A review of the Buy Now Pay Later Credit Code will focus on whether the code contains provisions that achieve broadly comparable consumer outcomes to the provisions of the National Consumer Credit Pro.. read more

• John Kavanagh

The Labor government is committed to maintaining current responsible lending obligations, improving safeguards for consumers taking out payday loans and consumer leases, and regulating buy now pay lat.. read more

• John Kavanagh

Several bills affecting the financial services industry were before Parliament when the election was called on Sunday. With Parliament prorogued, the bills lapse.  read more