RLC in the Media: Commission spotlights predatory and deceptive practices
The federal government has heard evidence for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry that showcased the heavy malpractice of financial services such as banks and insurance companies in capitalising on Aboriginal and Torres Strait Islanders fear of financial instability.
These predatory services ranged from funeral or life insurance products to appliance rental companies that lure in individuals in financial struggle through offering leniency on credit history or loans but entrap them in duplicitous contracts, high interest rates and sometimes customers paying for years worth of premiums for a product they may end up not being able to use. The financial and at times emotional exploitation of vulnerable individuals in the Aboriginal and Torres Strait Islander community has disastrous effects on their livelihood and wellbeing.
Redfern Legal Centre has a credit and debt service that can provide advice to Aboriginal and Torres Strait Islander people about financial issues.
Read the full article (Megan Weier, South Sydney Herald, August 8, 2018)