This Senate Inquiry is a crucial opportunity to close the regulatory loopholes exploited by fringe lenders and ‘debt help’ companies. These companies can entrench disadvantage for some of the most vulnerable members of our community but are not required to play by the same rules as other financial institutions.
We welcome the Inquiry’s broad terms of reference. With historically high household debt and the shocking behavior of our large lenders under the microscope of the Royal Commission into Misconduct in the Banking, Insurance and Financial Services Industry, it is essential that we don’t forget other harmful products and services targeting people who are struggling to make ends meet.
Note: This submission was amended to correct typographical errors on 12 November 2018.181109 Final submission - Senate Inquiry