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9 months ago
BRIEF-Cash Converters disappointed with decision to extend protected earnings amount regulation
November 29, 2016 / 1:40 AM / 9 months ago

BRIEF-Cash Converters disappointed with decision to extend protected earnings amount regulation

Nov 29 (Reuters) - Cash Converters International Ltd -

* Disappointed with decision to extend protected earnings amount regulation to cover saccs provided to customers and limit it to 10%

* Change will impact around 500,000 cash converters customers who access short term cash advances

* "Also concerned that recommendation will artificially restrict a customer's access to credit"

* Recommendations will only come into effect 12 months after legislation passes through parliament

* "Impact of changes will not occur until at least 2018"

* Consumers most likely affected will be lowest income recipients

* Refers to recommendation 1, which caps a customer's loan repayments as a percentage of their net income Source text for Eikon: Further company coverage:

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