Mortgage Business RLOs should be ‘tweaked, not removed’: Pepper CEO By Tony Zhang 29 December 2020
The move to scrap responsible lending will undo all the progress made by the industry and would be a drastic step, according to Pepper CEO Mario Rehayem.
The proposal to remove responsible lending obligations (RLOs) is set to play out in 2021.
Earlier this month, the bill relating to the RLO removal (as well as the introduction of new rules onto non-banks and the proposed extension of the best interests duty to more credit assistance providers) – the National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020 – was introduced into Parliament.