Finance

A gold credit card A gold credit card

The Office of the Australian Information Commissioner (OAIC) has approved amendments to the Credit Reporting Code 2014 that will benefit consumers. The changes follow an application by the Australian Retail Credit Association (ARCA) and consultation with consumer groups, industry and regulators. Australian Information Commissioner and Privacy Commissioner Angelene Falk said that amendments to the Code…

Read More Credit reporting changes to benefit consumers

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CFA member Nicola Howell (PhD researcher, Melbourne Law School and Senior Lecturer at QUT) is researching the impact of financial difficulty assistance/hardship variations, bankruptcy and debt agreements on consumer debtors . In the next phase of the study, Nicola is keen to hear from financial counsellors, consumer advocates, insolvency practitioners and others working in the…

Read More Share your insights of bankruptcy, debt agreements and financial difficulty assistance

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Consumer Action Law Centre (Consumer Action) and Financial Rights Legal Centre (Financial Rights) say ASIC’s overhaul of its responsible lending guidance is a welcome announcement in the wake of the devastating consumer harm exposed during the Banking Royal Commission.  Too many lenders, including banks, finance companies, payday lenders, and consumer lease providers have not effectively complied with legal obligations to ensure they do not provide borrowers with unsuitable loans. ASIC’s updated responsible lending guidance make existing laws clearer, easier to enforce and will help to hold…

Read More ASIC’s overhaul of responsible lending guidance should focus lenders on the welfare of borrowers

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Financial Counselling Australia welcomes the implementation of a ban on unsolicited telephone sales of life insurance and consumer credit insurance sold without personal advice.  ASIC announced that the ban will come into effect on January 13, 2020. In the experience of financial counsellors, who work with people in financial hardship, unsolicited telephone selling targets vulnerable consumers. The…

Read More Financial Counselling Australia welcomes ban on unsolicited telephone selling

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The Customer Owned Banking Code Compliance Committee (the Committee) is pleased to release its Annual Report 2018-19. The Annual Report demonstrates how subscribers to the Customer Owned Banking Code of Practice (the Code) have met their compliance obligations, managed Code breaches and responded to customer complaints throughout the year. It provides an overview of the Committee’s work during…

Read More Subscribers to the Customer Owned Banking Code of Practice need to focus on improved customer service delivery

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Two key reports released on Friday by the Banking Code Compliance Committee (BCCC) contain important findings for the industry, including: Significant concerns about the reporting of breaches under the 2013 Code of Banking Practice during 2018-19. Banks will need to continue ongoing efforts in order to meet the BCCC’s expectations and the higher standards of…

Read More Reports lead to concern about banks’ breach reporting as they transition to the 2019 Code

A Roulette table A Roulette table

Financial Counselling Australia welcomes the bill to establish the National Online Gambling Self-Exclusion Register. The Bill was introduced this week in Federal Parliament by the Minister for Communications, the Hon. Paul Fletcher.  The register means that people experiencing harm can press one button and self-exclude from all the online wagering companies. With that single trigger, the wagering operators…

Read More FCA Welcomes Gambling Self-Exclusion Register

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“Stand up to the insurance lobby” – that’s the message of leading consumer groups as they deliver signatures of over 20,000 Australians to Parliament House in Canberra. The groups anticipate the Federal Government to act on “Unfair Contract Terms” laws this fortnight, closing a damaging loophole that has allowed insurance companies to profit by using…

Read More 20,000 Australians demand the end of unfair insurance

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The Customer Owned Banking Code Compliance Committee (the COBCCC) seeks a consumer representative to serve for a term of three years beginning in March 2020.  The COBCCC is an independent compliance monitoring body established under Section 4 of the Customer Owned Banking Code Compliance Committee Charter and Part E of the Code, under the authority of the Board of…

Read More Consumer Representative Opportunity: Customer Owned Banking Code Compliance Committee

A calculator and a piece of paper with financial notes on it A calculator and a piece of paper with financial notes on it

First Nations Foundation (FNF) has launched the world’s first digital financial literacy education program to help First Nations people develop their financial knowledge. While the content of My Money Dream has been developed by Indigenous people for Indigenous people, FNF has added the might and scale of Australia’s largest industries by offering this to the…

Read More First Nations Foundation launches word-first financial literacy program

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A new online tool launched today means Australians can see how their insurer, bank, financial adviser, superannuation fund or other financial firm has responded to consumer complaints brought to the Australian Financial Complaints Authority (AFCA).  In a move designed to increase transparency and consumer education, AFCA has today released its comparative reporting tool, the Datacube.…

Read More AFCA’s new ‘Datacube’ enables Australians to see how Financial Firms are handling Complaints

A businessman putting his hand forward for a handshake A businessman putting his hand forward for a handshake

Consumers facing financial difficulties are urged to exercise caution when approached by budget and debt management companies that charge fees for their services. Complaints have been received by Consumer Protection from consumers who claim that they are charged fees for services, which were not delivered and some have signed contracts without realising that this would…

Read More Caution urged when engaging budget and debt management services