December 7, 2011  - Media Release - NFSF

• Senate Committee calls for Government review of current proposals
• Concurs with Ripoll Committee on need for balance between consumer protection and industry viability
• Sector ready to work with Government on payday regulation
• Need for ongoing industry consultation, first Roundtable in early 2012

The National Financial Services Federation today welcomed the Senate Economic ...

Friday, December 2, 2011

•  Ripoll committee findings are a win for Australian battlers
•  Need for ongoing industry consultation, first Roundtable in early 2012

The National Financial Services Federation said that it is ready to work with the Government and other interested parties to formulate improved regulation of short-term lending following today's report from the Parliamentary Committee chaired by labor MP Bernie Ripoll.     In its report, the Parliamentary Joint Committee on Corporations and Financial Services recommended that the Government revisit key aspects of its proposed reforms, including the proposed cap on small amount credit contracts, which the Committee said appears to be unworkable.

 Good4Me website confirms wide community support for licensed lenders

Australians have expressed their clear support for short-term lenders in a series of case studies and testimonials posted on www.good4me.com.au.   

With Federal politicians now considering further industry reforms, the website confirms wide community support for services provided by licensed lenders and emphasises ....

Payday Lenders Say ASIC Report Will Reinforce Compliance

The National Financial Services Federation said today that it is committed to ensuring all its members further develop their responsible lending procedures under the National Consumer Credit Protection Act and welcomed the Australian Securities and Investments Commission’s assistance in ensuring compliance.

ASIC reviewed the practices of payday and other short-term small amount lenders in the first six months of the new responsible lending regime, which came into force in July 2010.  ASIC found that a majority of lenders were aware of and were taking steps to comply with their responsible lending obligations ........