Time to Switch As Big Banks Threaten Consumers with High Fees
CHOICE says consumers should find a better deal if big banks pass on the levy
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
CHOICE encourages consumers to shop around as CBA refuses to pass on rate cuts
Reserve drops rates to historic low of 2%
Big banks should pass on the interest rate cut to credit card customers: CHOICE
Consumer group says Big 4 have a lot to answer for
CFA seeks consumer representative to sit on Customer Owned Banking Association’s compliance committee
Applications close on 19 December
CHOICE welcomes NAB’s decision to settle late payment fee class action, calls on other banks to follow
Decision comes after Federal Court ruled against ANZ earlier this year
ANZ waives fine print after concerns raised by ASIC
Apparently simple offer for a gift card had unexpected conditions attached