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Consumers of payday loans are extremely vulnerable, typically using the money borrowed to pay for essential items, such as food, rent or utility bills. In recent years there has been a protracted debate in Australia and in several overseas jurisdictions about how to regulate payday lending. Amendments to the National Consumer Credit Protection Act 2009 - which commenced in 2013 - provide for stricter regulation of the payday lending industry and introduce nationwide caps on the maximum amount which credit providers are permitted to charge consumers. This project examines the content, operation and policy objectives of the payday lending reforms, and considers whether further changes to the law should be made to further enhance consumer protection in this area.
Researcher: Andrew Serpell
This project has produced the following publications:
A number of commentators, as well as government reports, have argued that the UK s reliance on private enforcement mechanisms for breaches of directors’ duties has generally been ineffective. Some argue that provision should be made in statute for public enforcement. Assuming that there is strength in this argument this article asks what form this public enforcement should take. The article considers the way that Australia has proceeded in the past 20 years or so in permitting the public enforcement of breaches of directors’ duties, via both criminal sanctions and civil penalties. The argument advanced in this article is that despite the possible advantages that may flow from the introduction of a criminal enforcement regime, such a regime is unlikely to be adopted in the UK. Following an examination of the use that the Australian corporate regulator has made of the civil penalty regime the argument advanced in the article is that the introduction in the UK of a similar regime providing for the making of the same kind of orders would be beneficial.
This research has produced the following publication: