ASIC Scrutinises “Pay Day Lenders”
An unfortunate by product of today’s financial pressures has seen the rise of so called “pay day lenders”.
Pay day lenders were the subject of a Four Corners programme on 30 March 2015.
These lenders fall under the jurisdiction of the Australian Securities and Investments Commission (“ASIC”) which has indicated that unless documentary, disclosure and responsible lending practices are tightened they will take enforcement action.
A government review of the laws governing this sector is expected to be released in June 2015.