One of Australia’s financial watchdogs is cracking down on dodgy debt managers following a string of incidents targeting vulnerable customers, including one woman who was told to declare bankruptcy for no reason.
The Australian Securities and Investments Commission (ASIC) announced today it is launching a review of the debt management and credit repair sector to better protect consumers experiencing financial hardships.
It said it had received a number of “disturbing” stories of illegal and unfair practices from licensed professionals.
“In one instance, we heard that a woman could not get an answer on why…