The Commonwealth government will introduce a "responsible lending test" to the consumer credit code next year according to sources. Under the new rules, lenders.....
The Australian Securities and Investments Commission has moved to put an end to the debt collection practices of GE Money which it has been investigating for a number of years. The regulator said that the GE's debt collectors had been "excessive or inappropriate" in its contact with customers, with some instances of borrowers being called 100 times in a month and in some instances more than 10 times in a day. ASIC has also found that GE Money unreasonably contacted third parties or borrowers including family, work colleagues and neighbours. A spokesman for GE Money said that the company had been working with ASIC over the last two years to improve its practices but would now "better train" its debt collectors. More than 1000 clients are expected to be eligible to receive compensation payments at a rate to be set by the Banking and Financial Services Industry Ombudsman.
