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Axing responsible lending will throw petrol on the housing bonfire

MacroBusiness Access Subscriber Only Content at 9:40 am on March 10, 2021 | 37 comments Economists and consumer groups have warned that the Morrison Government’s announced axing of responsible lending laws will fuel property inflation by enabling borrowers to take on more debt and bid up prices. Under the Government’s consumer credit amendment bill, which was introduced in December, responsible lending obligations will be removed from the national consumer credit rules, with the exception of small-amount credit contracts and consumer leases, where enhanced obligations will be introduced. “would support the supply of credit”. The consumer groups, which comprise Choice, the Consumer Action Law Centre, Financial Counselling Australia and Financial Rights Legal Centre, believe these comments are imprudent given the recent acceleration in mortgage demand and property prices. They also warn that abolishing responsible lending laws would further inflate property prices by push

Josh frydenbergPhilip loweSaul eslakeConsumer action law centreFinancial rights legal centreHayne banking royal commissionCouncil of financial regulatorsMorrison governmentFinancial regulatorsFinancial counselling australiaAlex joinerபிலிப் குறைந்தநுகர்வோர் நடவடிக்கை சட்டம் மையம்நிதி உரிமைகள் சட்டப்பூர்வமானது மையம்ஹேன் வங்கி அரச தரகுசபை ஆஃப் நிதி கட்டுப்பாட்டாளர்கள்

Australia s buy now, pay later titans are reportedly days away from signing a new code of conduct, capping late fees and forcing credit checks on large transactions

Igor Golovniov/SOPA Images/LightRocket/Getty Images Market leaders in Australia’s buy now, pay later sector are set to follow a new, self-regulatory code of practice from Monday. Players like Afterpay and Zip will reportedly pledge to cap customer transactions at $2,000 and install limits on fees But consumer advocates argue the sector should face stricter oversight from Australia’s financial sector watchdogs. After years of consultation with financial watchdogs and concerned consumer groups, Australia’s booming buy now, pay later (BNPL) sector is a week away from unveiling its new code of practice – and key details of the self-regulatory framework have now been revealed.

Erin turnerFiona guthrieCommittee on financial technologyRegulatory technologyAustralian finance industry associationNational credit codeFinancial rights legal centreBusiness insider australiaAustralian financial reviewSelect committeeFinancial technologyNational creditFinancial counselling australiaஏரின் டர்னர்பியோனா குத்ரிகுழு ஆன் நிதி தொழில்நுட்பம்

Buy now pay later industry gets new code of conduct for operators

Twenty per cent cut back or went without essentials such as meals because they d overspent. Twenty per cent missed other major bills including household payments and mortgages. Fifteen per cent had to take out additional loans to make ends meet. And of those who were in financial trouble, 52 per cent had more than one account. Critics say the self-regulated code doesn t go far enough. READ MORE: The buy now pay later industry need to come together, talk to each other about how they can stop people from signing up to multiple accounts and getting themselves into a string of trouble rather than just trouble with just one provider, RateCity s Sally Tindall told 9News.

United kingdomRatecity sally tindallDominic lorrimerDiane tateAustralian financial industry associationConsumer action legal centreFinancial rights legal centreSally tindallFederal governmentFinancial counselling australiaChief executiveAustralian financial reviewஒன்றுபட்டது கிஂக்டம்டயான் டேட்ஆஸ்திரேலிய நிதி தொழில் சங்கம்நுகர்வோர் நடவடிக்கை சட்டப்பூர்வமானது மையம்

Name and shame : Aussies face new Buy Now, Pay Later hurdle

Name and shame : Aussies face new Buy Now, Pay Later hurdle
frasercoastchronicle.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from frasercoastchronicle.com.au Daily Mail and Mail on Sunday newspapers.

Gerard brodyFiona guthrieCode compliance committeeConsumer action law centreFinancial rights legal centreAustralian finance industry associationOffice of the australian informationInvestments commissionNews corp australiaConsumer commissionBuy nowPay laterCorp australiaFinancial counselling australiaAustralian securitiesCounselling australia

Name and shame : Aussies face new Buy Now, Pay Later hurdle

Name and shame : Aussies face new Buy Now, Pay Later hurdle
gympietimes.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gympietimes.com.au Daily Mail and Mail on Sunday newspapers.