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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 [...]

Is a banking tribunal really the answer?

Consumers Federation Australia along with the Consumer Action Law Centre, Financial Rights Legal Centre and Financial Counselling Australia have written a letter to the Prime Minister, Minister for Financial Services and the Treasurer in response to announcements of the Federal Government possibly instituting a financial services tribunal. CFA, along with other signed organisations have raised [...]

Consumer groups welcome a stronger ASIC

Consumer groups CHOICE and Consumer Action Law Centre welcome today’s announcement of new funding and powers to protect consumers of financial services. In 2014-15 ASIC’s budget was reduced by $120 million over four years, in addition to an efficiency dividend of $47 million over the same period.[i] “Today’s funding announcement is good news for Australians. [...]

By | May 23rd, 2016|ASIC, CHOICE, Finance, Regulator news|0 Comments