Opposition Senator Crystal Drakes has chided the banking and financial sector for predatory lending policies that encourage “conspicuous consumption” while frustrating efforts to borrow for legitimate business purposes.
She has also called on Government to institute legislation that sets out a code of ethics which would ensure “fair and ethical standards” are followed by the financial sector for the protection of borrowers.
When the Senate resumed debate on the Fair Credit Reporting Bill, 2021 yesterday, Drakes also said Government had a role to play in financial literacy education so people would be in a better position to navigate their way through the challenging tides of borrowing.
She called for greater regulation of the banking sector, charging that many financial institutions were “making money from administrative fees and in return giving very little to depositors”. (GC)
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