Banking

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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

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