Union welcomes credit reform, but more regulation needed

Finsec’s sister union the FSU has welcomed the Australian Green Paper on credit reform, but says more regulation is needed. The paper’s proposals include requiring providers to allow consumers to nominate the amount of credit sought; prohibiting the card issuer from providing more credit than can be repaid in a reasonable time period, and requiring card issuers to include a “health warning” on monthly statements, outlining the effects of making only minimum repayments.

FSU National Secretary Leon Carter said the paper was a step toward Better Banking for Australian consumers. “The Government has listened to the community and sought to increase regulation in certain areas but we believe it is critical to address the links between bank and finance workers’ remuneration and sales targets on credit products.”

“With the levels of debt stress in the community at record highs we need to see the Government focused on greater regulation that focuses financial services on professional services not just sales volumes and we stand ready to work with the Government to achieve this outcome.”

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