Post thumbnail

The Banking Code Compliance Committee (BCCC) wants to hear from people about their experiences acting as a guarantor for a loan, to check whether banks have improved their practices since a BCCC inquiry last year found serious failures. The BCCC monitors banks’ compliance with the Banking Code of Practice, which includes obligations to ensure people…

Read More Consumer experiences sought for a new inquiry into guarantees

Post thumbnail

Getting problems with your bank, insurance or finance company solved fairly and quickly is too hard and Australia needs a one-stop-shop ombudsman for financial service problems, say leading consumer advocates. In a submission endorsed by eight consumer organisations provided to the Ramsay Review into External Dispute Resolution in the banking and finance sector, advocates have…

Read More Australians need a one-stop-shop ombudsman to deal with banking & finance complaints

Post thumbnail

Financial counsellors welcome today’s commitment by the banking industry to better banking, including making financial hardship support programs more accessible and setting up a debt repayment service. But the big question remains: why is there still no funding for financial counselling? Most of the clients seen by financial counsellors have debts with banks, yet the…

Read More Financial Counsellors Welcome “Better Banking” … but Where’s the Funding for Financial Counselling?