September 05, 2011: • Loan cap makes sector unviable, NFSF says in formal submission
• Government ignores Treasury advice on appropriate caps
Federal Government plans to cap charges on short-term loans will crush the payday lending industry, leaving hundreds of thousands of Australians without access to an essential source of funds, the National Financial Services Federation said today in its formal submission on draft industry legislation.
“The NFSF welcomes balanced and responsible regulation that protects vulnerable and disadvantaged Australians from being caught in a debt spiral. But the measures ...
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