The ABA suggests that ASIC be charged with supervising fee structures of debt management firms to further protect consumers, among other recommendations.
Australias government is receiving industry support for a proposal to introduce a licencing regime for debt management firms.
The government released a consultation paper in January proposing to protect consumers from the often predatory practices of debt management firms by requiring them to hold an Australian Credit Licence when they are paid to represent consumers on matters related to credit activities. The consultation is now closed.
In a statement, the ABA (Australian Banking Association) said it supports the proposed licencing regime for debt management firms.
Debt management an…
Read the full article at: https://www.regulationasia.com/australia-licencing-regime-for-debt-management-firms-wins-support/
