ASIC Bans Retailer From Centrepay for Targeting Vulnerable Indigenous Customers

‘ASIC’s move is a throwback to the stolen generation,’ Urban Rampage said in response to the ASIC ban.

Chair, James Shipton from The Australian Securities and Investments Commission (ASIC) (C) and the 7 ASIC members sit in front of the committee during a public hearing in front of the Parliamentary Joint Committee on Corporations and Financial Services at Parliament House on Sept. 13, 2019 in Canberra, Australia. Tracey Nearmy/Getty Images

The Australian Securities and Investments Commission (ASIC) has ordered a final stop for Coral Coast Distributors (Cairns) Pty Ltd on signing up customers into the government’s Centrepay credit arrangements in its Urban Rampage clothing retail stores.

ASIC discovered these arrangements to be incompatible with the financial situations of Urban Rampage consumers, who are primarily low-income Centrelink recipients residing in remote First Nations communities.