It might be time to go back to a simpler approach, when one set of rules applied to all consumer credit products.
- Senior lecturer, Queensland University of Technology
There’s a push for reforms to make banks more responsible for detecting, deterring and responding to scams, rather than just asking consumers to be ‘more careful’.
The National Consumer Credit Protection Amendment bill goes against two explicit recommendations of the banking royal commission.
It’ll be up to the borrower, not the lender to determine whether what’s offered is suitable under changes to be detailed in the budget.
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