HomeView 2016 Media ReleasesCOBA welcomes ASIC review on debt management firms

The Customer Owned Banking Association says a review of debt management firms by ASIC is a welcome development, particularly for vulnerable consumers.

The Customer Owned Banking Association says a review of debt management firms by ASIC is a welcome development, particularly for vulnerable consumers.

“This is an important first step towards greater transparency and accountability,” COBA CEO Mark Degotardi said.

“These companies target vulnerable consumers, charging excessively high fees for a service that can actually be obtained free of charge.

“If consumers are worried about debt, they should approach their financial institution or a free financial counselling service.

“COBA is sponsoring CreditSmart training for 200 financial counsellors across Australia.

“The training was developed by the Australian Retail Credit Association to help financial counsellors work with at risk consumers to better manage their credit reports.

“ASIC’s report noted there is no uniform regulatory framework for debt management firms in Australia.

“COBA supports looking at ways to strengthen consumer protection in relation to these companies.”

For more information please contact:
Daniel McDougall, Senior Manager – Media and Communication
02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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