Finance

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The following is a guest post by The Code Compliance and Monitoring team, a separately operated and funded business unit of the Financial Ombudsman Service. Unfair treatment of customers by institutions has been under the spotlight at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Beyond the Commission, however, consumer protection…

Read More Codes of Practice – Consumers benefit

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The Federal Government is letting the worst and most harmful financial products in the community run wild, according to consumer advocates. It’s now one year, eight months, one week and fifteen days since the Government accepted recommendations to reform laws governing payday loans and consumer leases. Despite committing to bringing the reforms to Parliament by…

Read More Lobbyists beat the battlers on payday loans and rent-to-buy

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Formal education provides a solid foundation for professional practice but alone does not give staff the skills, knowledge and behaviours needed to provide services competently, according to an inquiry undertaken by the Insurance Brokers Code Compliance Committee (the Committee). The inquiry found that staff needed to supplement their educational qualifications with on-the-job support and experience to develop…

Read More Brokers need formal qualifications and on-the-job training, inquiry finds

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The Customer Owned Banking Code Compliance Committee has recently conducted a review of customer owned banking institutions’ compliance with privacy obligations under Section D23 and Key Promise 8 of the Customer Owned Banking Code of Practice (the Code). A copy of the report can be found at here. Privacy own motion inquiry As Australia moves…

Read More Privacy and data security in customer owned banking institutions

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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…

Read More Fair Finance Day of Action

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ASIC is warning consumers about companies that claim they can fix a poor credit rating. ASIC is running a month-long campaign, with other Commonwealth, state and territory agencies, to help consumers understand that by using credit repair and debt management firms they may end up paying high fees. Consumers should be aware these companies often…

Read More ASIC warns consumers about paying high fees for credit repair and debt advice services

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The following is a guest post from Denise Boyd, winner of CFA’s inaugural prize for the most impressive piece of consumer advocacy or research presented during the Soapbox session at this year’s National Consumer Congress. If we think about memorable advertising slogans, and the campaigns behind them, what is it about them that made them effective? Dumb…

Read More Inaugural CFA Soapbox Prizewinner – Watch Your Nuts!

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Today the Federal Government announced that there will be tougher penalties for corporate misconduct, and stronger powers for the corporate regulator ASIC. The Federal Government  has agreed or agreed-in-principle to every recommendation made in the ASIC Enforcement Taskforce final report that was finalised in December 2017. Company directors will now face up to 10 years’…

Read More Jail time for corporate crooks needed to clean up finance sector