The ABA claims the reforms “strike the right balance” between protecting consumers and ensuring that credit is available.
Consumer groups rightfully destroyed the proposal in a separate submission to the inquiry into the federal government’s proposed reforms.
The group, which includes the Consumer Action Law Centre, Choice, Financial Counselling Australia and Redfern Legal Centre, says it normally provides constructive feedback in policy consultations.
“Unfortunately, we are unable to say anything positive about the government’s plans,” it says.
“The repeal of responsible lending obligations for almost all forms of consumer credit is the most shortsighted, poorly thought-out policy proposed by a government in credit or financial services in recent memory.
“The draft materials are fundamentally defective, and no number of amendments can solve this.”
Read the full article here. (24 November 2020)
