The Consumer Action Law Centre has welcomed the Federal Government’s ban on credit providers making unsolicited credit card limit increase offers to customers, but believes that ambiguity in the regulations governing the ban will see credit providers attempt to evade and undermine it. The Centre has also warned that the Government will need to respond quickly to any such attempt if it wants to maintain the integrity and effectiveness of the ban.
Read More Consumer Action warns government that new credit card regulation may require running repairs
A national survey of over 300 financial counsellors has slammed the payday lending industry.
Read More Pay day loans harm our clients say financial counsellors
Mr Peter Kell, ACCC Deputy Chair and former CHOICE CEO, and Mr Greg Tanzer have been appointed ASIC Commissioners.
Read More Peter Kell and Greg Tanzer appointed ASIC Commissioners
Consumer Action says that ASIC’s report into consumer credit insurance shows that many lenders selling CCI use unfair tactics to sell the product, and that the industry has failed to address problems that have existed for more than 20 years.
Read More ASIC exposes consumer credit insurance dirty tactics
A disability support pensioner, Ronald Hayes, has taken legal action against Australian’s biggest payday lender in the Victorian Magistrates Court.
Read More Cash Converters lending practices challenged in court
The banking industry has recently announced that retailers will be charged (or charged more than in the past) when their customers choose to use EFTPOS rather than cash or a credit card. Media reports have suggested that this may lead to some retailers sur-charging consumers for using EFTPOS. The EFTPOS consortium (mainly banks) argue the…
Read More Would ATM style EFTPOS fees deliver a more efficient payment system?
The first meeting of the reformed Consumer Standing Forum was held in Sydney on 14 September 2011. Representatives attended from CFA, Consumer Affairs Victoria, NSW Fair Trading, QLD Office of Fair Trading, ACCC and Standards Australia. It was chaired by John Furbank from the CFA. The purpose of the CSF is to a. raise with…
Read More Of Eggs, Cots and Insurance Claims: Standards AustraliaConsumer Standing Forum
Premier Anna Bligh wants insurance companies forced to pay their clients’ full claims if they are not dealt with in a reasonable time. This proposal, which would require Federal legislation, is contained in the Queensland Government’s submission to the federal parliamentary inquiry into the insurance response to natural disasters. “We also want to see insurance…
Read More Queensland Government wants insurers to pay up
New research shows welfare recipients are using payday lenders to meet regular living expenses and are then trapped in a debt spiral, continuously indebted to one or more loan companies for considerable periods according to Caught Short an Interim Report by RMIT University and the University of Queensland and funded by National Australia Bank and…
Read More RMIT & UQ research: Payday loans a debt trap for welfare recipients
As long ago as 2006 CFA member Choice called attention to the huge losses suffered by consumers through fees and administrative costs on lost and multiple superannuation accounts. With input from data from Rice Walker actuaries Choice estimated consumers lost between $1.2 and $2 billion per annum in unnecessary fees and charges At that time…
Read More Welcome action on billion dollar multiple super fund problem
AAP The Federal Government has taken significant steps in recent years to protect consumers from predatory lending practices, such as very high-interest “payday loans”. An unfortunate, though surely unintentional, consequence of lending regulation is that people on low incomes or with poor credit records may find it difficult to secure loans. Under our National Consumer…
Read More Responsible lending doesn’t have to be restrictive
ASIC has released the new ePayments Code which provides a best practice consumer protection regime for electronic payment products. PayPal Australia welcomed the new ePayments Code and has agreed to sign up to the revised code by the end of the transition period which is 20 March 2013. ASIC expects it to be joined by…
Read More New electronic payments code released