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?
Veda Advantage Information Services and Solutions Ltd (Veda) is being forced to refund thousands of consumers who paid to obtain credit reports under Veda’s expedited delivery deal, according to a decision handed down today by the Australian Privacy Commissioner. The Commissioner found that Veda breached a series of privacy rules when they: charged for “expedited…
Read More Veda to refund consumers after breaching privacy rules
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…
Read More Financial Counselling Australia: Financial Counsellors Support Merger of FOS and CIO
Around 100,000 single parent households face the prospect of increased financial stress next year.
Read More Cut to single parent payment may be a false economy
Consumer advocate groups are urging the Government to reconsider credit reporting reforms to prevent life changing mistakes.
Read More Consumer groups fear small debts could lead to big problems for Australian consumers
The number of financial difficulty disputes handled by FOS increased by 130% (from 2,648 to 6,108). This continues a similar trend from the previous year. FCA is calling for action.
Read More Soaring FOS disputes highlights need to tackle financial difficulty