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Top related persons:
Steven Saphore - 1 Sarah - 1 Himanshi Akhand - 1 Aishwarya Nair - 1 Sherry Jacob - 1 Phillips - 1
Top related locs:
Sydney Australia Bengaluru
Top related orgs:
ANZ - 1 REUTERS - 1 ANZ Group Holdings - 1 Australian Securities & Investments Commission - 1 National Consumer Credit - 1 Thomson - 1

Search resuls for: "National Consumer Credit"


3 mentions found


☆ Australia fines lender ANZ $9.6 mln for misleading customers over funds
  + stars: | 2023-09-26 | by ( ) www.reuters.com   time to read: +2 min
FILE PHOTO: A pedestrian is reflected in the window of a branch of ANZ in central Sydney, Australia, October 25, 2017. The Australian lender falsely indicated to customers that they could avail cash advance from funds stated to be their 'Available Funds' without incurring fees and interest, according to the Australian Securities & Investments Commission (ASIC). The error resulted in customers being charged with thousands of dollars in fees while the average remediation paid was around $45 per affected account. "Many ANZ customers relied on the account information displayed by the bank and were charged fees that were inconsistent with that information," said ASIC Deputy Chair Sarah Court. "ANZ accepts responsibility for what has occurred and apologises to its customers, and has addressed the issues that gave rise to the contraventions," the lender said.
Persons: Steven Saphore, Sarah, Himanshi Akhand, Aishwarya Nair, Sherry Jacob, Phillips Organizations: ANZ, REUTERS, ANZ Group Holdings, Australian Securities & Investments Commission, National Consumer Credit, Thomson Locations: Sydney, Australia, Bengaluru
☆ PayPal tells Australia it supports buy-now-pay-later regulation
  + stars: | 2023-02-16 | by ( Byron Kaye | ) www.reuters.com   time to read: +3 min
SYDNEY, Feb 16 (Reuters) - Payments giant PayPal Holdings Inc (PYPL.O) wants buy-now-pay-later (BNPL) loans subjected to consumer protection law, it said in a submission to the Australian government, adding a powerful voice from inside the sector calling for regulation. Many other companies which sell BNPL loans said in submissions that they supported minimal or self-regulation. BNPL companies attract shoppers by charging no interest and make money from retailer fees. The company saw "merit in further consideration of the development of a bespoke BNPL credit reporting framework" without the full "costs typically associated with engaging in the credit reporting regime". The government has said it wants BNPL regulation in place in 2023.
☆ Analysis: Australian buy-now, pay-later sector faces fresh hurdle: regulation
  + stars: | 2022-11-28 | by ( Byron Kaye Lewis Jackson | Byron Kaye | Lewis Jackson | ) www.reuters.com   time to read: +6 min
SYDNEY, Nov 28 (Reuters) - When Melbourne barista Melinda Elliott had to cut back on casual work shifts this year, she asked her buy-now, pay-later (BNPL) provider, Afterpay, to lower her credit limit. "There was no email to say, 'your credit limit's gone up again'; it was out of nowhere," said Elliott by phone. The absence of interest charges has exempted them from consumer credit regulation, and the sector's business has grown strongly during an online shopping frenzy spurred by COVID-19 stimulus payments and ultra-low interest rates. If they come under regular consumer credit regulation, they will also lose their main competitive advantages. The Australian Securities and Investments Commission, which oversees the Credit Act, told Reuters it was "supportive of the BNPL sector being subject to regulation".
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