Buy now, pay later, and fast cash providers are in the sights of the corporate regulator as households come under pressure from rising interest rates and price inflation.
The Australian Securities and Investments Commission is also on the warpath over high-risk cryptocurrency products being flogged to retail investors.
“This will not be tolerated, and action will be taken,” chairman Joe Longo warned on Thursday.
“We’re seeing issuers promoting high-risk products as appropriate investments that will make up a significant portion of an individual consumer’s investment portfolio.”
Turning to lending, Longo noted the current tight market was putting pressure on consumers, with many turning to “fringe” outfits….