More Australians will now have access to support from financial counsellors with the launch of the Financial Counselling Industry Fund (FCIF).
The FCIF is the result of a collaboration between the financial counselling sector and a number of industries and companies – Australian Banking Association member banks, Australian Energy Council, Energy Networks Australia, Insurance Council of Australia, Responsible Wagering Australia, Tabcorp, Afterpay, Telstra, Optus and Credit Corp.
This $33 million commitment over three years from these organisations will see over 30,000 more Australians access financial counselling either face-to-face or through the National Debt Helpline phone and webchat service.
The inaugural board of FCIF will include Peter Kell (independent chair), Greg Tanzer (nominated by the financial counselling sector) and Vanessa Beggs (nominated by industry stakeholders). They will be joined by an additional director nominated by the financial counselling sector, an additional director nominated by industry and two independent directors to be chosen by the Board.
“Financial Counsellors make an enormous difference to the lives of many Australians. This is why FCIF is so important, as the additional industry funding will expand the vital services they provide to people experiencing financial hardship”, said Peter Kell.
Anne Crouch, Chair of Financial Counselling Australia
“Financial counselling agencies are reporting huge unmet demand and this funding will mean we can start to close that gap. We thank the industry funders and look forward to working with them through FCIF.”
Anna Bligh, CEO of the Australian Banking Association
“Banks have long recognised the important role financial counsellors play in supporting Australians who are doing it tough. This fund will ensure those facing financial difficulty can get access to free and independent advice to help guide them out of financial hardship.”
Andrew Hall, CEO of the Insurance Council of Australia
“Financial counsellors play an important role in assisting people facing financial hardship, especially when the unexpected happens like catastrophic weather events. This industry co-funding model will be important in supporting the financial counselling sector and the National Debt Helpline, so it can continue to support customers in need, helping them get back on their feet after these events.”
Sarah McNamara, CEO of the Australian Energy Council
“There’s no doubt the need for financial counselling services has been amplified by current cost-of-living pressures. Our members understand energy customers may need assistance and that’s why they are making a meaningful contribution.”
Dom van den Berg, CEO Energy Networks Australia
“With cost-of-living pressures increasing in many aspects of our daily lives, energy networks are committed to supporting those customers doing it tough. Together with our members, we are proud to support financial counselling and believe it can have a real impact.”
Kai Cantwell, CEO of Responsible Wagering Australia
“Responsible Wagering Australia members continue to set the industry standard for keeping customers safe. That’s why our members volunteered to contribute more than $3 million over three years towards this important initiative that will provide vital support to Australians who need help managing their financial circumstances.”
Jenni Barnett, Chief Customer Officer, Tabcorp
“At Tabcorp we’re committed to a safe, sustainable and regulated industry. For us that means putting customer welfare at the forefront of everything we do. That’s why we are proud to play our part in ensuring Australians are given more opportunities to access financial counselling when they need it. This program will make a real difference to the lives of so many in our local communities and we congratulate the Minister and the Albanese Government for leading the way.”
Katrina Konstas, ANZ Country Manager, Afterpay
“Financial counsellors are a vital resource for Australians facing financial difficulty. Afterpay is proud to contribute to a fund that will make a real and lasting difference in our communities, giving more Australians access to free, independent and expert advice.”
Teresa Corbin, Chief Customer Advocate, Telstra
“Financial counsellors do incredibly important work to help people going through tough times get back on their feet. Telstra is committed to supporting these services because they play a vital role in keeping Australians in vulnerable circumstances connected.”
Maurice McCarthy, Managing Director Customer Success at Optus.
“At Optus, we’re committed to supporting the important work of financial counsellors who offer invaluable, compassionate support and practical solutions. Optus is pleased to confirm its contribution to the new funding model as an important and collective effort to help Australians impacted by hardship.”
The next step for the FCIF will be to recruit a CEO and other staff. Industry funding is expected to start to roll out by the end of 2024.
Above is the news release (19/04/2024) from Financial Counselling Australia, titled ‘Media Release from the Financial Counselling Industry Fund’. The news release can be found on the FCA website here (https://www.financialcounsellingaustralia.org.au/media-release-from-the-financial-counselling-industry-fund/), along with notes to the editor and attachments.