Friday, December 2, 2011
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Ripoll committee findings are a win for Australian battlers
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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.
"After detailed and thoughtful analysis of the issue, the Committee has concluded that there needs to be the right balance between protecting vulnerable australians and maintaining a viable industry," said NFSF Chairman Mark Redmond.
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