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Showing 1 - 10 of 16 results for "National Consumer Credit Protection Act"

ASIC cancels AFSLs

ANNABELLE DICKSON  |  TUESDAY, 25 MAY 2021
... also failed to maintain its membership with AFCA. "Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, ASIC may suspend or cancel an AFSL and ACL if the licensee is no longer providing financial services, ceases to engage ...

AFCA forced into rule change

ELIZABETH MCARTHUR  |  FRIDAY, 22 JAN 2021
... regarding their authorised representatives as set out in the Corporations Act and the National Consumer Credit Protection Act. The new rules will come into effect from 13 January 2021, but complaints received before that date are still being assessed ...

NAB to pay $15m for Royal Commission case study

ELIZABETH MCARTHUR  |  MONDAY, 19 OCT 2020
... revealed at the Royal Commission. ASIC brought proceedings against NAB for contravening the National Consumer Credit Protection Act, which prohibits credit licensees from conducting business with persons engaging in credit activity without an Australian ...

Responsible lending laws to be revoked

ANNABELLE DICKSON  |  FRIDAY, 25 SEP 2020
... boost the economy. The reforms will remove the responsible lending obligations from the National Consumer Credit Protection Act 2009 aiming to reduce the time and cost of credit assessments for both consumers and businesses. In addition, the simplified ...

ASIC will not appeal wagyu and shiraz decision

ANNABELLE DICKSON  |  THURSDAY, 23 JUL 2020
... what implications the Federal Court decision has for that guidance. "Any reform of the National Consumer Credit Protection Act (National Credit Act) to clarify further the enforcement of those principles is ultimately a matter for the Federal Government ...

Westpac to review business units

JAMIE WILLIAMSON  |  MONDAY, 4 MAY 2020
... provided with business loans where they should have been provided with loans protected by the National Consumer Credit Protection Act and the National Credit Code, and the estimated compensation for customer's on the group's platforms that weren't ...

CBA in court over RC case studies

ELIZABETH MCARTHUR  |  MONDAY, 16 MAR 2020
... Federal Court. ASIC alleges CBA contravened the responsible lending provisions of the National Consumer Credit Protection Act 2009 (National Credit Act) when it lent to a customer, David Harris, who had notified the bank he was a problem gambler. The ...

Calls for review of advice regulation

HARRISON WORLEY  |  THURSDAY, 6 FEB 2020
... were required to comply with, including the Corporations Act, Tax Agent Services Act, National Consumer Credit Protection Act, and other obligations imposed under the ASIC Act and FASEA to name a few. "Often there is no harmonisation between these regulatory ...

Court dismisses Westpac lending practice case

KARREN VERGARA  |  THURSDAY, 15 AUG 2019
... a lender "may do what it wants in the assessment process" and other provisions of the National Consumer Credit Protection Act 2009 impose penalties if lenders make unsuitable loans as a result of that process. Under the Act, lenders must assess whether ...

Fintech no real threat: Researcher

ELIZABETH MCARTHUR  |  TUESDAY, 21 MAY 2019
... are similar to traditional personal finance in concept, they are not subject to ASIC's National Consumer Credit Protection Act. This has helped these businesses grow rapidly, Moody's said. Loans to small businesses have also become a key focus for fintechs ...
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