BRIEF-Cash Converters disappointed with decision to extend protected earnings amount regulation
Nov 29 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: