Toothless ASIC needs the powers to investigate credit card interest rates and ATM fees: Lambie

Independent Senator for Tasmania Jacqui Lambie has called on the Abbot Government to ensure that the Australian corporate watch-dog has sufficient legislative powers to investigate credit card interest rates and ATM fees, after it was revealed in Senate Estimates hearings that ASIC’s “jurisdiction doesn’t extend to the level of interest rates.”

“Its clear that the Government has deliberately left ASIC toothless when it comes to the rate of Credit Card interest – and that failure has to be addressed and fixed. When I asked ASIC if they had received complaints about banks charging 17 per cent on credit cards when the Reserve Bank of Australia had dropped its rates to 2 per cent, ASIC couldn’t answer the question and said they would have to get back to Senator Lambie.

ASIC needs the powers to investigate credit card interest rates and ATM fees- Lambie - 4-6-15