Payday Sector Letter re Rogue Operators

21/11/2011  -  Letters to the Editor Australian Financial Review 

Mark Redmond:     The Queensland Civil and Administrative Tribunal’s decision last week against an unlicensed short-term lender shows clearly that there is a need for sensible regulation of the sector. But what has been lost in the coverage of this case and others is the distinction between rogue lenders who engage in unscrupulous practices and lenders that are licensed by ASIC and operate under the National Consumer Credit Protection Act.

As the peak industry representing nearly 300 ASIC-licensed members, the National Financial Services Federation agrees with the need for additional reform and has let this be known without reservation to Assistant Treasurer Bill Shorten for many months. 

We are confident that next week’s report by Bernie Ripoll’s Joint Parliamentary Committee will strike the right balance in its recommendations to Government between protection of vulnerable and disadvantaged Australians and maintaining a ...