Fair Finance Day of Action

Australia’s leading consumer groups will join forces in Canberra today to call on the Federal Government to strengthen our laws to stop irresponsible, harmful lending practices in our financial services sector.

“Irresponsible lending and crippling debt are having a real, devastating impact on Australians, putting people at risk of bankruptcy, homelessness and life-long debt,” says CFA Chair, Gerard Brody.

“The Royal Commission is shining a light on a litany of bad practices from fees for no service to inappropriate financial advice and structural conflicts that persist. 

“The banks have been breaking the rules, and it’s time they faced a red card and strong penalties when they fail their customers.”


WHEN: Monday 25 June – 1.00pm – 1.30pm

WHERE: Senate Courtyard, Parliament House, Canberra

A coalition of representatives from the Consumers’ Federation of Australia, Consumer Action Legal Centre, CHOICE, Financial Counselling Australia, Financial Rights Legal Centre, Good Shepherd Microfinance, Hobart Community Legal Service, Bentleigh Bayside Community Health, Creating Links, Diversitat, CARE, the Queensland Association of Independent Legal Services, the Salvation Army, UnitingCare Australia, the Financial Counsellor’s Association of Queensland, the Financial Counsellor’s Association of Western Australia  & victims of poor lending practices will stand up together to call on the Federal Government to:

  • Raise standards for mortgage brokers and introducers, including banning conflicted remuneration; 
  • Improve compensation for victims of irresponsible lending; 
  • Give ASIC the right powers and resources to keep the banks in line; and 
  • Extend the proposed design and distribution obligations to credit.