Submission: In response to the National Consumer Credit Bill Exposure Draft

We congratulated the Australian Government for moving so quickly to address consumer protection issues in relation to credit products and services.

Our views in summary

• We supported the statement in the Minister's Message that the Government will move to require finance brokers and lenders to be licensed, and that all credit providers and brokers will have to be members of an external dispute resolution scheme.
• We did not support the proposals to enact the existing State legislation as Commonwealth, the establishment of a national licensing regime requiring providers of consumer credit and credit-related brokering services and advice to obtain a license from ASIC or the proposal requiring mandatory establishment of an external dispute resolution body by all providers of consumer credit and credit-related brokering services and advice. We did not support the proposal to extend the powers of ASIC to be the main regulatory of the national credit framework with enhanced enforcement powers.