Consumer Action and the Consumer Credit Legal Centre welcomes Treasury’s approach of basing revised disclosure on the findings made by the Uniquest report. Uniquest was commissioned by the Standing Committee of Officials on Consumer Affair to develop an evidence-based disclosure model to meet the information needs of consumers and provide them with a better understanding of the cost and features of their credit contracts. We strongly support the goals and objectives of the report and the government’s aim to achieve more effective disclosure. Given the Uniquest findings are based on detailed consumer testing we strongly encourage the government to follow Uniquest’s feedback and recommendations wherever possible.
We also submit that the proposed changes to disclosure requirements under the NCCPA are not only for the purpose of providing consumers with information to help them make a more informed choice about credit products, but also about product safety. Although we strongly support the principle of keeping the proposed Financial Summary Tables simple, short and easy to understand, we have made a few discreet suggested additions to better inform consumers about some of the dangers associated with these products. These are explained under the relevant sections of this submission.
To read our submission in its entirety, click here: Changes to Disclosure Requirements under the National Consumer Protection Act 2009.