Financial Advice - Consumers' Federation of Australia

21 December , 2020

ABA report confirms credit card funded gambling doesn’t have community support

A new report by the Australian Banking Association (ABA) shows it’s time to immediately ban the use of credit cards for gambling. This is a Financial Counselling Australia Media Release The ABA has released the results of its consultation process about the use of credit cards for gambling. A survey conducted to inform the report…

3 April , 2020

ASIC warns of unlicensed financial advice by real estate agents to tenants

ASIC has written a letter to the real estate institutes in each state outlining concerns about some real estate agents who are advising tenants to apply for early release of their superannuation. AISC warns that such conduct by real estate agents may be in contravention of the Corporations Act as it may may constitute unlicensed…

14 October , 2019

ASIC urges consumers to question whether SMSFs are right for them

ASIC has warned Australian investors considering establishing their own self-managed superannuation fund (SMSF) to be particularly aware of the potential downside to such a strategy, and that many Australians set up SMSFs that are inappropriate for their circumstances. ASIC has identified eight ‘red flag’ situations which, together or in part, would make it extremely unlikely…

3 September , 2019

Australians paying millions too much for foreign currency services

Australian consumers are paying too much for foreign currency conversion (FX) services because of confusing pricing and a lack of robust competition, a new ACCC report has found. The final report of the ACCC’s Foreign Currency Conversion Services Inquiry highlights important competition and consumer issues affecting individuals and small businesses who use international money transfers (IMTs), foreign…

14 January , 2019

Free online pathways to solve legal problems

The NSW Government has launched a free online legal service to help people overcome mortgage pressure and settle rates debts with local councils without the stress of court proceedings, Attorney General Mark Speakman announced today. The LawAccess NSW website now provides two interactive guided pathways to match people with the information they need to resolve…

12 December , 2018

Codes of Practice and financial difficulty

Financial institutions who subscribe to a Code of Practice have obligations to consumers experiencing financial difficulty. The independent committees who monitor the Codes urge consumers to also be aware of these obligations. In 2018, financial difficulty was a particular focus of the committees, especially in the banking sphere where an inquiry found that customer requests…

6 December , 2016

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…

27 January , 2016