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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 [...]

By | December 27th, 2016|Articles, Credit, Credit History, Digital consumers, Finance, News, Regulator news and government inquiries|Comments Off on Veda to refund consumers after breaching privacy rules

Victims of financial scandals need simple justice – response to Ramsay EDR Review

Following the slew of financial scandals Australians have faced in recent years, consumer advocates say that Australians need simple and accessible justice with reformed Ombudsman services. The Review of the Financial System External Dispute Resolution and Complaints Framework (Ramsay Review), led by Professor Ian Ramsay, today released its interim report. In response to the review, [...]

By | December 7th, 2016|Finance, Govt Inquiries, News, Regulator news and government inquiries|Comments Off on Victims of financial scandals need simple justice – response to Ramsay EDR Review

CHOICE welcomes inquiry into banking sector

Consumer advocacy group CHOICE has welcomed the establishment of a Senate Inquiry that will examine cases of wrongdoing in the banking and financial services sector. “Sunlight is the best disinfectant. This inquiry gives us a chance to shine a light on the anti-consumer practices that are riddled throughout the banking system,” says CHOICE Head of [...]

By | December 7th, 2016|Banking, CHOICE, Finance, Financial Systems Inquiry, News, Regulator news, Regulator news and government inquiries|Comments Off on CHOICE welcomes inquiry into banking sector

Financial Counselling Australia: Financial Counsellors Support Merger of FOS and CIO

Financial counsellors - who help hundreds of Australians with financial services disputes each year - have provided overwhelming support for the merger of the Financial Ombudsman Service and the Credit & Investments Ombudsman into a one stop financial complaints ombudsman service. Seventy-five percent of financial counsellors that responded to a survey by Financial Counselling Australia [...]

By | December 6th, 2016|Banking, Finance, Financial Advice, Financial Counselling, Financial Systems Inquiry, News|Comments Off on Financial Counselling Australia: Financial Counsellors Support Merger of FOS and CIO

Financial Rights Legal Centre and Consumers Federation Australia publish submission to review Code of Banking Practice

Consumers Federation Australia (CFA) along with several consumer organisations have recently submitted a joint consumer representative submission to the Australian Banking Association. The ABA has resourced this 2016 submission, conducted as a collaborative effort between the CFA and the Financial Rights Legal Centre (FRLC). CFA and the FRLC engaged with the following consumer organisations who have [...]

By | September 22nd, 2016|Banking, Featured, Finance, Financial Systems Inquiry, Independent inquiries, Regulator news and government inquiries, Submission|Comments Off on Financial Rights Legal Centre and Consumers Federation Australia publish submission to review Code of Banking Practice

Is a banking tribunal really the answer?

Consumers Federation Australia along with the Consumer Action Law Centre, Financial Rights Legal Centre and Financial Counselling Australia have written a letter to the Prime Minister, Minister for Financial Services and the Treasurer in response to announcements of the Federal Government possibly instituting a financial services tribunal. CFA, along with other signed organisations have raised [...]

By | September 2nd, 2016|Consumer protection, DisputeResolution, EDR, Finance, Publications, Regulator news and government inquiries|Comments Off on Is a banking tribunal really the answer?