Business
‘Disaster’: Consumer groups slam lending laws repeal as bank stocks soar – Sydney Morning Herald
Bank shares have soared on the news, but leading consumer rights groups call the government’s proposal to remove responsible lending laws disastrous as people have too much debt and not enough income in the COVID-19 crisis.
Carolyn Flanagan, a blind pensioner, appeared at the banking royal commission after she was left homeless because of a Westpac loan. Credit:Elke Meitzel
In a strongly worded statement, the heads of Choice, the Consumer Action Law Centre, Financial Counselling Australia and the Financial Rights Legal Centre hit out at the proposals.
“Governments proposed reforms will remove bank responsibility to customers, opening up new opportunities for banks to aggressively sell debt,” the groups said.
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