CFA members CHOICE, Consumer Action Law Centre and Financial Rights Legal Centre are calling on the federal government to act on conflicted remuneration in the mortgage market following an ASIC report that found widespread conflicts of interest for brokers and bank staff have led to an aggressive sales culture and poor outcomes for borrowers.[1] Quotes [...]
Consumers’ Federation of Australia has published its submission to the Commission’s Consumer Law Enforcement and Administration Draft Report. The submission calls for additional public funding for consumer advocacy. Furthermore, CFA encourages the Productivity Commission to develop mechanisms which found fund the necessary consumer advocacy and input, aside from a call on the Federal Budget. The [...]
Consumers' Federation of Australia is seeking a volunteer consumer representative for the Australian Securities & Investments Commission (ASIC) Consumer Advisory Panel. CAP was established in 1999. CAP advises ASIC on current issues faced by retail investors and consumers in the financial services and credit industries. CAP also informs ASIC's surveillance, enforcement, policy and financial education [...]
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. [...]
ASIC investigation reveals customers entering into unsuitable loans
Bank didn't make reasonable inquiries into customers' income before upgrading credit limit
Six insurers agree to better inform consumers
Bank charged customers for loan protection insurance while the customer did not have a active loan
While lenders need to lift their game, people should "do their homework" and investigate options
Informal credit practice can see at risk consumers lose control of debit cards
Treasury consultation paper doesn't ensure regulator can protect consumers
Payday lending scheme masked as selling of diamonds to avoid credit protections
