Finsec General Secretary Andrew Casidy said the Government Financial Summit, which he attended this week, must lead to action on loan sharks and not just more talk.
“Finsec members have seen the negative impact of people getting into debt they can’t afford to repay, even in the big banks and credit unions. The wild west of unregistered, unregulated loans sharks charging interest rates of several hundred percent is preying on the poorest and most vulnerable New Zealanders.”
Casidy said that legislation is urgently needed to ensure all lending is responsible. “While there was positive discussion at the Summit, it needs to be followed up with practical solutions for people being victimised by loan sharks. And we also need legislation requiring responsible lending right across the finance industry.”
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