Joint Submission - Pay-day loans and consumer leases

Along with other organisations, we recognise the need for greater compassion and protections within consumer credit regulations.

This joint submission outlines key concerns and recommendations for the Exposure Draft National Consumer Credit Protection Amendment Regulations (2023).

There are several key recommendations including: clarifying restrictions on obtaining sensitive login details; ensuring fair calculations of available income, preventing manipulation of recommended retail prices, advocating for reduced fees (including where there is FDV or extreme financial hardship) and increased protection of vulnerable consumers.

Of importance will be enforcement of anti-avoidance provisions, and caps on fees. There is also a need for greater fairness, transparency, and consumer protections.

The recommendations aim to improve the fairness of the regulatory framework by fostering a better balance between industry operations and improved consumer protections.