National Credit Laws - Consumer Action Law Centre

Buy now pay later exposure draft materials

Our organisations have long advocated for Buy-now-pay-later (BNPL) to be regulated as a credit product under the National Consumer Credit Protection Act 2009 (NCCPA), and so we welcome the major step...

“Protect people from harm”: Consumer groups respond to BNPL reform announcement

Consumer groups and financial counsellors have said that the Government’s plans for regulation of the buy now, pay later (BNPL) sector announced today will need to include strong requirements for len...

Inquiry into the extent and nature of poverty in Australia

Consumer Action’s financial counsellors and lawyers advise and assist people experiencing financial hardship and poverty on a daily basis. The data Consumer Action collects, as well as the reflections...

Treasury Options Paper, Regulating Buy Now Pay Later in Australia

Consumer Action has joined with 22 other organisations as part of the "Close Lending Loopholes Alliance" to make a submission to Treasury on its Options Paper, Regulating Buy Now Pay Later in Australi...

Harvey-Norman and Latitude case alleging misleading ‘interest-free’ credit card promotions welcomed by consumer advocates

Consumer Action, Financial Rights Legal Centre and CHOICE have welcomed the Australian Securities and Investments Commission’s (ASIC) commencing legal action against Latitude Finance Australia and Har...

ASIC lending model ban on rogue lender Cigno applauded

Consumer Action welcomed today’s announcement from the corporate regulator Australian Securities and Investments Commission (ASIC) that it will use its product intervention power to ban the excessivel...

Consumer advocates praise court decision against Cigno loans

Consumer advocates have welcomed a Full Federal Court decision striking down a credit law avoidance strategy used by Cigno Pty Ltd and BHF Solutions. For years, fringe lender Cigno has preyed upon...

ASIC litigation against payday lender: new Federal Government must deliver overdue reform

Consumer Action has welcomed the Australian Securities and Investment Commission’s (ASIC) announcement that it is suing Sunshine Loans for breaches of the National Credit Code for charging unlawful fe...

Crypto: As risky as gambling and a haven for scams that demands action

Consumer Action is calling for meaningful protections from scams to apply to businesses operating in the crypto sector. The call comes in a submission to the Treasury’s consultation paper Crypto as...

ASIC Consultation Paper 354: Relief for simple arrangements following a hardship notice

The Australian Investments and Securities Commission's (ASIC) Class Order 14/41 is due to expire in March 2022. Consumer organisations recommend that ASIC allows this to happen. This instrument no...

Product intervention orders in credit: A joint submission

Consumer Action Law Centre (Consumer Action), Financial Rights Legal Centre (Financial Rights), the Indigenous Consumer Assistance Network Ltd (ICAN), the Victorian Aboriginal Legal Service and WEstju...

Time to finally end the harm done by Cigno loans

Consumer groups and financial counsellors are urging the Australian Securities and Investments Commission (ASIC) to act now to put an end to the use of harmful lending models used to charge excessive...

Our submission on Buy Now Pay Later to the UK Woolard Review

Our casework experience in Australia shows that buy now pay later (BNPL) debts are causing or exacerbating financial hardship in substantially the same manner as detailed in the Woolard Review. In...

Australian consumer groups warn UK Government against industry “self-regulation” of Buy Now Pay Later

Financial Counselling Australia and the Consumer Action Law Centre have shared Australia’s experience of weak consumer safeguards for Buy Now Pay Later (BNPL), as part of the UK Government’s consultat...

Consumer advocates welcome recommendation for stricter controls of credit funded gambling online

Financial Counselling Australia (FCA), Financial Rights Legal Centre and the Consumer Action Law Centre welcome the Parliamentary Joint Committee on Corporations and Financial Services’ recommendation...

Buy now pay later surcharge ‘reveal’ a win for consumers and retailers

The Reserve Bank of Australia has said today that retailers should be allowed to pass on or ‘surcharge’ customers for the cost of buy now pay later, a move welcomed by Consumer Action Law Centre which...

Improvements in consumer protection for solar welcome, but more needed

The Clean Energy Regulator (CER) review into rooftop solar makes some important proposals improve accountability for solar retailers, but for the new rules to really be effective, reform needs to go f...

Court decision on Cigno lending model ‘extremely disappointing’

Today’s Federal Court decision that the lending model promoted by Cigno Pty Ltd did not breach the National Consumer Credit Protection Act (National Credit Act) is extremely disappointing, and consum...

Gambling should not be funded by credit

While gambling is a legitimate form of entertainment for many Australians, we believe it should not be funded by credit and support a prohibition on the use of credit cards, including via e-wallets, f...

Submission: Consultation on revision to the new Prudential Standard APS 220 Credit Risk Management

This submission is from Consumer Action Law Centre, Financial Rights Legal Centre, Victorian Aboriginal Legal Service, CHOICE, Financial Counselling Australia, Consumer Credit Law Service (W...

‘A disastrous winding back of consumer protections’: Consumer groups call on lawmakers to reject proposed changes

Proposed changes to consumer credit laws before the Senate must be rejected as they risk harm to individuals and families and hindering the economic recovery they are intended to promote. That is t...

Submission: National Consumer Credit Protection Amendment (Supporting Economic Recovery) Bill 2020

This submission is made on behalf of Consumer Action Law Centre (Consumer Action), Financial Rights Legal Centre (Financial Rights), Financial Counselling Australia, Consumer Credit Legal Service (WA)...

Consumer advocates call for Parliament to vote against watered-down protections against predatory lenders

Consumer advocates have rejected the Federal Government’s proposed changes to laws governing high-cost payday loans and consumer leases, calling for Parliament to vote against the Bill in a submission...