The finance workers union Finsec is calling for an overhaul of lending regulations and consumer protection.
A number of finance companies have suffered problems over the last two years, with many collapsing.
Finsec says the finance industry is largely unregulated and that's led to some very questionable practices emerging over the past few years.
It says two separate codes should be established with a watchdog appointed to oversee both.
One of the codes would cover lender practice, the other social responsibility.
Finsec says this would address issues about disclosure requirements and the supervision of lenders, which pose a risk to the entire industry if they fail.
But the Government says it's already addressing such concerns through two bills currently before the Finance & Expenditure Select Committee.
