Consumer credit

Relevant legislation:

National Consumer Credit Protection Act 2009 (Cth), particularly Schedule 1, the National Credit Code

The Financial Ombudsman Service recommends that lawyers encourage their clients to set up a pre-existing authority with their financial services provider (FSP) so that the FSP has another person to discuss matters with if they believe there may be untoward movements in accounts or arrangements regarding loans.

You may also be able to assist your client by exploring the possible liability of a financial services provider (FSP), bank or other lender. Involving a financial or credit ombudsman service (see below) can help resolve disputes between a client and the FSP and avoids legal proceedings.