Banking - Consumers' Federation of Australia

28 June , 2018

Privacy and data security in customer owned banking institutions

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…

25 June , 2018

Fair Finance Day of Action

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…

20 April , 2018

Jail time for corporate crooks needed to clean up finance sector

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’…

3 April , 2018

Consumer Groups call for tougher penalties, ban on broker commissions in submissions to Royal Commission

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…

10 March , 2018

‘Rank the Banks’ survey results released

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…

15 February , 2018

Credit card reforms long overdue

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…

8 February , 2018

Call for banks to provide reasons behind harmful practices

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…

7 February , 2018

Consumer Action Law Centre: Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector, part 2

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,…

24 January , 2018

Consumer Action Law Centre: Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector, part 1

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,…

23 December , 2017

FCA welcomes ACCC determination extending fee-free ATMs in Remote Communities

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…

28 November , 2017

Australians to own their own data

The Turnbull Government will legislate a national Consumer Data Right, allowing customers open access to their banking, energy, phone and internet transactions. Australians will be able to compare offers, get access to cheaper products and plans to help them ‘make the switch’ and get greater value for money. Assistant Minister for Cities and Digital Transformation Angus…

3 November , 2017

Banks Continue to Provide Incorrect Information about Direct Debit Cancellation

Customers continue to be frustrated by bank staff providing incorrect information about cancellation of direct debits, according to two separate reports released by the Banking Code Compliance Monitoring Committee (BCCMC) and the Customer Owned Banking Code Compliance Committee (COBCCC) respectively. The BCCMC report found that more than half (54%) of bank staff tested gave customers…