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Banks have answered the call by customers in financial difficulty, but more will need to be done before 1 July 2019 to be ready for the ABA’s new and enhanced Code Australian banks have financial difficulty programs that, for the most part, meet the requirements under the 2013 Code of Banking Practice, according to inquiry…
Read More Assisting customers in financial difficulty
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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 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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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
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Consumer Action Law Centre, CHOICE and NSW Legal Aid today published submissions in response to the first round of hearings before the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector on consumer lending and add-on insurance. Consumer Action Law Centre (Consumer Action) argues in its submission that directors of the big banks may…
Read More Consumer Groups call for tougher penalties, ban on broker commissions in submissions to Royal Commission
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The financial counselling sector has today released its third annual Rank the Banks survey and it contains both bouquets and brickbats. Nearly 300 financial counsellors were surveyed for their views on how the banking industry is responding to customers in financial hardship. Financial counsellors were also asked for the first time to rank the hardship practices of…
Read More ‘Rank the Banks’ survey results released
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On 15th February, a package of reforms to improve credit card lending and marketing practices passed Federal Parliament. Consumer advocacy groups Consumer Action Law Centre and CHOICE are relieved to see the important reforms finally enacted after a long consultation process. The reforms will: require affordability assessments to be based on a person’s ability to…
Read More Credit card reforms long overdue
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In its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, CHOICE has called on the Commission to use its special powers to compel banks, insurers and lenders to provide evidence behind high fees and harmful practices. “CHOICE is calling for the Royal Commission to use its powers to…
Read More Call for banks to provide reasons behind harmful practices
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Consumer Action Law Centre has published part 2 of its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector. The submission draws on the experience of the Centre assisting Victorians through legal advice and representation, and financial counselling. The submission identifies various drivers of misconduct or conduct falling below community standards and expectations,…
Read More Consumer Action Law Centre: Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector, part 2
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Consumer Action Law Centre has published part 1 of its initial submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector today. The submission draws on the experience of the Centre assisting Victorians through legal advice and representation, and financial counselling. The submission identifies various kinds of misconduct by financial services,…
Read More Consumer Action Law Centre: Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector, part 1
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Financial Counselling Australia (FCA) welcomes today’s announcement from the ACCC that they will continue to allow the banking industry to subsidise privately provided ATMs in remote Aboriginal and Torres Strait Islander communities. The ACCC needs to authorise this arrangement as its collective nature means it would otherwise breach Australia’s competition laws. At a time when…
Read More FCA welcomes ACCC determination extending fee-free ATMs in Remote Communities