Financial Advice

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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…

Read More Australians paying millions too much for foreign currency services

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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…

Read More Free online pathways to solve legal problems

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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…

Read More Codes of Practice and financial difficulty

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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…

Read More Financial Counselling Australia: Financial Counsellors Support Merger of FOS and CIO