Google Will Not Accept That Government Legislation Gives Australain Consumers Significant Protection
Jul 16 2016
Google Ad Ban Is Detrimental to Australian Consumers
In The Australian, a recent artilcle reported on the global ban by Google which will affect online advertising through the global giant by ASIC licenced lenders in the highly regulated SACC market (small amount credit contracts).
"According to Ord Minnet analysts, the Google AdWords ban, flagged in May, will mean some in the industry will need to adjust their business models to continue to compete. reports According to Ord Minnet analysts, the Google AdWords ban, flagged in May, will mean some in the industry will need to adjust their business models to continue to compete.
CEO of NCPA Phil Johns is reported in the article as stating that only about 5 per cent of members used the Google service. However, the article builds on other recent events in the Australian small loans industry to claim that this Goggle ban is a harsh blow to small loans industry.
The article goes on to list other problems that have recently beset the SACC industry including the decison by some banks to withdraw banking services from SACC lenders.
“Google let the industry down badly,” Mr Johns told The Weekend Australian. “We sat down with Google in Sydney. They had no understanding of consumer credit in Australia. They only knew what they had been told from their head office in the US. They had assumed that there weren’t consumer protections in Australia.”
"The NCPA says the industry is trying hard to scrub itself of the 'payday loan' stigma," reported the article.
NCPA stated further in the article that,
“Since the paydays loans were banned in March 2013, we started a process — and it’s quite a process — and now over 80 per cent of our members have removed all use of the term ‘payday’ from their websites, storefront, advertising and business cards.”
For more information, a pdf extract of this article dated 16 July 2016 is available at the bottom of this page.