RR Phantom
Location : Wasted Space Job/hobbies : Cayman Islands Actuary
| Subject: Useless OZschwitz ASIC cracking down on nickle and dime stuff, while big biz repeatedly fleeces the nation Sat Nov 16, 2013 5:27 pm | |
| The corporate regulator is moving against rogue operators in the contentious payday lending sector, warning it will take action to prevent the exploitation of vulnerable people.
The Australian Securities and Investments Commission has already banned 20 people for operating without a licence or engaging in irresponsible lending. It has also launched court actions - most recently against a company allegedly using a bogus diamond trading scheme to bypass credit laws.
While the mainstream lenders in the short-term finance industry are coming to grips with new laws designed to protect consumers, one in five operators remains unlicensed, according to estimates by the National Financial Services Federation.
Read more: http://www.smh.com.au/business/asic-cracks-down-on-payday-loans-to-prevent-debt-spiral-20131116-2xnl6.html#ixzz2kqm8Q9NG |
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