News / ASIC and the ACCC release new guidelines for debt collection activities /
ASIC and the ACCC release new guidelines for debt collection activities
10 July 2014
The "Debt collection guideline: for collectors and creditors" has been updated by the ACCC and ASIC to reflect major changes to the law brought about by the introduction of changes to consumer law, improved consumer credit protections and new privacy laws and principles.
Appropriateness of contact with debtors, the need for prompt and responsible payment and the suitability of various communication technologies (including social media) are some of the issues that are addressed in the revised guide.
The ACCC and ASIC have issued a warning to businesses who may be found to be in breach of these new directives citing that they may be penalised for harassment or misleading representations.
For more information please contact:
Paul Lutvey | Partner
t +61 7 3224 0240
f +61 7 3224 0333