Code working group ignores sector: FSF

Financial Services Federation executive director Lyn McMorran said, if consumer credit contracts were to be covered by the Financial Services Legislation Amendment Bill, the industry deserved a representative in the group.

She had previously argued that consumer credit contracts should be excluded from the scope of the review because they were already covered by the Credit Contracts and Consumer Finance Act, which includes consumer protections.

She said having the contracts covered by the Financial Services Legislation Amendment Bill as well meant unnecessary strain on the industry and consumers.

McMorran said that point had been acknowledged, but the double-up remained in the bill that is due to be presented to parliament next month.