Finance

/Finance

Federal Government Silent on Debt Vulture Warnings

It has been eighteen months since the Australian Securities and Investments Commission (ASIC) warned the Federal Government that so-called "debt management" firms are engaging in misleading and predatory conduct. The Consumer Action Law Centre wrote to the Federal Government shortly afterwards, calling for better regulation in the sector, but have yet to receive a response. [...]

By | July 25th, 2017|ASIC, Everyday Consumer, Finance|0 Comments

ASIC Taskforce Signals Shift from Self-Regulation in Finance Industry

The Australian Securities and Investments Commission (ASIC) Enforcement Review Taskforce is conducting consultations on a number of proposed reforms to improve the enforcement powers of ASIC. The Taskforce  has just released a series of consultation papers. Recent media reports and Parliamentary inquiries have revealed the impact that poor financial services practices have on people's lives, leading to intense regulatory scrutiny and reduced consumer confidence. One of the key [...]

By | July 10th, 2017|ASIC, Finance|0 Comments

‘Independent’ Means Independent – ASIC Clarifies Financial Adviser Terms

'Independent', 'independently owned', 'non-aligned' - financial advisers use a variety of terms to promise a lack of conflict of interest. But what do these terms mean? And what is required before an adviser can lawfully use them? ASIC has clarified its position on the use of restricted terms relating to the independence of financial advisers after seeking [...]

By | July 3rd, 2017|ASIC, Finance|0 Comments

Insurance Industry Must Act to Stamp Out Poor Investigation Practices

Financial Rights has today called on the general insurance industry to introduce a set of best practice standards for insurance investigations in its Code of Practice. This follows the release of the report titled Investigation of Claims and Outsourced Services by the insurance industry’s independent monitor – the General Insurance Code Governance Committee (CGC). The [...]

By | May 4th, 2017|Insurance, Report|0 Comments

Progress on banking code, but missed opportunities too: consumer advocates

The Australian Banker’s Association (ABA) response to the Independent Review of the Code of Banking Practice (Khoury Review) is a positive start, but consumer advocates say there are some missed opportunities for the banking industry. Advocates say improving responsible lending assessments and making it easier to cancel credit cards will help Australians have a better [...]

By | March 29th, 2017|Banking, News|0 Comments

120 Day Delay Inflicting Greater Payday Pain

Consumer groups call for the Federal Government to take immediate action to protect payday loan and lease borrowers The Consumers Federation of Australia, CHOICE, Consumer Action Law Centre, Financial Counselling Australia, Financial Rights Legal Centre, Consumer Credit Legal Service (WA) and Good Shepherd Microfinance are calling for the Federal Government to immediately introduce legislation to better protect borrowers of toxic loans and leases and increase funding to financial counselling [...]

By | March 28th, 2017|Consumer protection, Credit, Payday Lending|0 Comments

Mortgage broker mayhem

CFA members CHOICE, Consumer Action Law Centre and Financial Rights Legal Centre are calling on the federal government to act on conflicted remuneration in the mortgage market following an ASIC report that found widespread conflicts of interest for brokers and bank staff have led to an aggressive sales culture and poor outcomes for borrowers.[1] Quotes [...]

By | March 18th, 2017|ASIC, Credit|0 Comments

Multi-billion Dollar Credit Card Rip-Off

CHOICE says consumers have lost $3.49 billion because credit card interest rates haven’t moved in line with the cash rate As the banks front a Parliamentary Inquriy this week to explain their poor practices, new research from CHOICE reveals their failure to pass on the official interest rate cuts to their credit card customers has [...]

By | March 7th, 2017|CHOICE, Credit|0 Comments

Australians need a one-stop-shop ombudsman to deal with banking & finance complaints

Getting problems with your bank, insurance or finance company solved fairly and quickly is too hard and Australia needs a one-stop-shop ombudsman for financial service problems, say leading consumer advocates. In a submission endorsed by eight consumer organisations provided to the Ramsay Review into External Dispute Resolution in the banking and finance sector, advocates have [...]

By | February 9th, 2017|Articles, Banking, Finance, News|0 Comments

Financial Counsellors Welcome “Better Banking” … but Where’s the Funding for Financial Counselling?

Financial counsellors welcome today’s commitment by the banking industry to better banking, including making financial hardship support programs more accessible and setting up a debt repayment service. But the big question remains: why is there still no funding for financial counselling? Most of the clients seen by financial counsellors have debts with banks, yet the [...]

By | February 1st, 2017|Banking, Debt, Finance, Financial Counselling, News|0 Comments

Veda to refund consumers after breaching privacy rules

Veda Advantage Information Services and Solutions Ltd (Veda) is being forced to refund thousands of consumers who paid to obtain credit reports under Veda’s expedited delivery deal, according to a decision handed down today by the Australian Privacy Commissioner. The Commissioner found that Veda breached a series of privacy rules when they: charged for “expedited [...]