Employment, housing, debt "disaster" for South Australia without safe lending: CHOICE

An analysis of financial complaints data by consumer group CHOICE has revealed the South Australian postcodes with the highest number of complaints about credit products since the end of the Banking Royal Commission public hearings. The analysis comes as a Senate vote looms on the Federal Government’s proposal to axe safe lending laws.

“After the scandals of the Banking Royal Commission, banks still cannot be trusted to sell credit products to people that are safe,” says CHOICE CEO Alan Kirkland.

From November 2018 to December 2020, South Australians made 1791 complaints to Australian Financial Complaints Authority (AFCA) across consumer loans, credit cards and housing finance. Complaints on credit products can range from irresponsible lending and charging of incorrect fees to poor customer service, fraud, and unfair terms and conditions.

Interview of CHOICE CEO Alan Kirkland talking about impacts of a safe lending repeal on South Australia + overlay

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Footage of consumer groups February Canberra trip

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