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According to chief market strategist at CMC Markets and host of The Artful Trader podcast Michael McCarthy, there are certain investor personality traits that seem to predict success in the share market.

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In this episode of the nestegg Podcast, Michael joins host Grace Ormsby to outline exactly what these characteristics are, the difference between high-risk and low-risk appetites, and how investors can apply different strategies depending on their own personality type.

Michael also explains how fear can be both helpful and a hindrance for confident decision-making, why failure is a crucial process for investors seeking growth, and where budding investors can begin educating themselves about the markets.

Thanks Matthew, for sharing your insights with the nestegg podcast team!

You can keep up to date with what CMC Markets are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Wednesday, 29 January 2020

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Borrow

Short-term ‘predatory’ lending practice banned

By Grace Ormsby · September 13 2019

Reading:

Borrow

Short-term ‘predatory’ lending practice banned

By Grace Ormsby
September 13 2019

Reading:

Short-term ‘predatory’ lending practice banned

By Grace Ormsby · September 13 2019

Reading:

ASIC has announced a ban on a short-term loan model that saw consumers able to be charged fees that added up to almost 1,000 per cent of the original loan amount.

It’s the first time that ASIC used its product intervention power to ban a model of lending in the short-term credit industry, it has been reported.

According to the regulator, the lending model has been found to cause significant consumer detriment, and it had been targeted for the charging of fees by the short-term credit provider and an associate under separate contracts.

Short-term credit providers remain exempt from credit licensing, conduct and responsible lending obligations under the National Consumer Credit Protection Act 2009 where fees charged for a loan of up to 62 days do not exceed 5 per cent of the loan amount and 24 per cent per annum interest.

ASIC has reported that the credit business model in use by Cigno, Gold-Silver Standard Finance, MYFI Australia and BHF Solutions saw the short-term credit providers charging costs within the legislative limitations.

However, its associate charged significant upfront, ongoing and default related fees under a separate contract for management and administrative services in relation to the loan.

ASIC outlined that when the contracts are combined, the fees charged can add up to almost 1,000 per cent of the loan amount.

Considering the product as able to cause “significant consumer detriment”, ASIC commissioner Sean Hughes noted that the regulator is “ready and willing to use the new powers that it has been given”.

The order that has been applied is an industry-wide order made by legislative instrument and therefore will apply to any person that attempts to use this short-term lending model or variations of the model.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.