 ASIC sues General Commercial (Urban Commercial) and Eden Capital (Southside Lending) for failure to cooperate with AFCA As advocates for consumers in the financial space, SR Group welcome action that illustrates consumers are fairly supported if and when they have the need to lodge a dispute through AFCA.
SR Group are pleased to see that ASIC is serious about taking action against firms that do not comply with AFCA, thereby promoting the reliability and fundamental principles of the AFCA scheme itself  The ATO appears to have changed it’s tune of late with a pause on firmer tax debt collection activity in the regions hit by lockdowns including Sydney, Melbourne and the ACT.
 We understand the experience of being forced into bankruptcy is highly stressful for individuals. The process can involve court proceedings, substantial costs, the need for legal advice and very often - fear of losing the family home. With an individual able to be bankrupted on a debt as little as $10,000, the final overall amount can balloon quickly after legal costs and fees are added.
 In 2019, the Federal Government committed to establishing a Compensation Scheme of Last Resort (CSLR), a key recommendation of the Banking Royal Commission. The CSLR was meant to provide a safety net to financial misconduct victims and ensure that determinations for compensation to consumers would be honoured, however, the CSLR that the Government has proposed does not provide the consumer protections that the industry so desperately needs.
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