The Australian Banking Association supports the Federal Governments proposed licencing regime for debt management firms and has called for further changes to protect consumers.
Debt management and credit repair services are targeted at Australians at risk of financial vulnerability and can exacerbate or even cause financial hardship.
There is a clear benefit to the community and the economy in ensuring that consumers do not fall victim to unsuitable or predatory credit practices in the debt management industry.
Stronger compliance measures and regulation of the debt management sector will help to prevent Australians being ripped off, said ABA CEO Anna Bligh.
Banks are encouraging the Government to ensure that customers are adequat…
Read the full article at: https://www.miragenews.com/stronger-regulation-needed-for-debt-management-514607/
