Home Scam/Fraud ASIC charging 130% late fees to small business. What’s the scam?

ASIC charging 130% late fees to small business. What’s the scam?

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The scam is, because they can! ASIC is a cash cow for the Government, A huge money spinner, ASIC is an independent Australian Government body set up to administer the Australian Securities and Investments Commission Act 2001 (ASIC Act), carrying out most of its work under the Corporations Act. Their focus is on regulating financial services, to maintain “market effectiveness” and ensure companies does the right thing by consumers.

For instance, in July 2018 ASIC presented a damning report targeting four consumer credit card providers and their interest rates and late payment fees.

“ASIC found that while these four credit providers are not breaking the law, they are charging their longstanding customers more interest than they should have been, and their conduct is out of step with the rest of the industry.”

The report referred to high interest rates being above 13% pa., one tenth of what ASIC itself charges late payers….

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