ASIC review of financial services EDR schemes
ASIC has released Consultation Paper 102: Dispute Resolution – update of RG 139 & RG 165 proposing improvements to the way financial services businesses resolve disputes with consumers, including harmonisation of the different schemes.

A key proposal of ASIC’s is to replace monetary limits with a cap on compensation that can be awarded by an external dispute resolution scheme approved by ASIC (EDR scheme) and to increase the compensation amount to $280,000.

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Responsible Lending Practices: Consumer Credit Cards
The Ministerial Council on Consumer Affairs has released a consultation Regulatory Impact Statement on Responsible Lending Practices in Relation to Consumer Credit Cards (pdf).
The Paper discusses options to assist consumer choice of card products and protect consumers from lending practices which provide continuing credit at levels which cannot be repaid without substantial hardship.

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