Submission to Senate Inquiry into Financial Services

The absence of adequate income for so many Tasmanians allows the financial services industry to develop dangerous new products to “meet demand” of low income customers. Initially known as “fringe credit providers” and now as “pay day loans”, Anglicare Tasmania has observed the damage caused by the rapid growth of companies that have been allowed by lax regulations to make hasty approvals to lend cash for short periods of time while accruing large fees and charges. Anglicare Tasmania welcomes this inquiry and hopes that significant changes to the regulation of pay day loans and similar financial products will result.