Finance Archives - Consumers' Federation of Australia

30 October , 2025

Advocates Call for Immediate Crypto ATM Ban as Scam Victims are ‘robbed in broad daylight’

Crypto ATMs are a clear vector for scam activity focusing on older victims*, charging eye-boggling fees and causing massive harms – “the Albanese Government should do the right thing and ban them now” says Consumer Action Law Centre CEO, Stephanie Tonkin. AUSTRAC reports Australia’s crypto ATMs handle 150,000 transactions moving close to $275 million a year…

29 October , 2025

ATO’s Vulnerability Framework a Step in the Right Direction

Financial Counselling Australia (FCA) welcomes the Australian Taxation Office’s (ATO) new Vulnerability Framework as an important first step towards fairer treatment of people in financial difficulty but says the real test will be how it’s implemented. “The ATO’s Vulnerability Framework is an important step towards a fairer and more compassionate tax system. The next step will have…

3 October , 2025

Financial Counsellors Publish New Hardship Best-Practice Guide for Organisations

A new set of nationally endorsed Principles of Good Hardship Practice has been released, setting a best-practice guide for how organisations should support people experiencing financial difficulty. Developed by the financial counselling sector, the ten core principles focus on respectful communication, early intervention, and fair, compassionate support for people in hardship. “Too often, people in financial hardship…

2 October , 2025

AFIA Publishes New Code of Practice

The Australian Finance Industry Association (AFIA) has recently unveiled its Finance Industry Code of Practice – the first of its kind for Australia’s non-bank lending and specialist banking sector – setting a new benchmark for integrity, transparency and fairness across the industry. The Code reflects AFIA members’ commitment to protecting customers, strengthening trust and ensuring…

17 September , 2025

ANZ Admits to Unconscionable Conduct

Financial Counselling Australia (FCA) welcomes the announcement that ANZ has admitted to widespread misconduct and has agreed to pay $240 million in penalties. ANZ has admitted to unconscionable conduct, overstating bond trading data by tens of billions, and widespread misconduct affecting nearly 65,000 customers. The matters will now be considered by the Federal Court which…

4 September , 2025

Independent Life Insurance Code Review – Consumer Sector Submission

The Council of Australian Life Insurers (CALI) has recently appointed Peter Kell to conduct and Independent Review of the Life Insurance Code of Practice (the Life Code). As part of the Review, the Consumers’ Federation of Australia has been asked to select an appropriate organisation from our members to conduct a funded sector-wide submission to…

2 September , 2025

Call for Expressions of Interest for new COBCCC Consumer Representative

The Consumers’ Federation of Australia (CFA) is inviting suitable applicants to apply for the role of consumer representative on the Customer Owned Banking Code Compliance Committee (COBCCC). Details of the purpose and conditions of the role, including renumeration, are as follows: Purpose of the COBCCC Purpose of the Consumer Representative A Consumer Representative to the…

29 August , 2025

Scam Reports Down and Monetary Losses Up from 2024

Australians reported more than 108,000 scams and financial losses of about $175 million to the National Anti-Scam Centre’s Scamwatch service in the first half of 2025, with fake websites, online advertisements, and contact through social media criminals’ preferred methods of reaching people. This Scams Awareness Week (25-29 August), the National Anti-Scam Centre is joining together…

26 August , 2025

Consumer Sector Submission for Independent Life Insurance Code Review

The Council of Australian Life Insurers (CALI) has recently appointed Peter Kell to conduct and Independent Review of the Life Insurance Code of Practice (the Life Code). As part of the Review, the Consumers’ Federation of Australia has been asked to select an appropriate organisation from our members to conduct a funded sector-wide submission to…

8 August , 2025

New Report Shows Telcos Continue to Fail Vulnerable Consumers

A report released today (August 7 2025) by the Telecommunications Industry Ombudsman (TIO) finds telcos are failing to consistently support customers in financial hardship and, in some cases, are unintentionally causing or making financial stress worse. The report, ‘Keeping connected: Experiences of telco consumers in financial hardship,’ is informed by a review of over 900…

18 June , 2025

Optus Admits to Unconscionable Conduct, Advocates Welcome ACCC Action but Highlight Need for Strong Telco Regulation

Australia’s peak communications consumer body, ACCAN, has welcomed news that Optus will pay one of the largest consumer law penalties in Australian history – a $100 million fine, subject to court approval, for unconscionable conduct. ACCAN CEO Carol Bennett said, “Unconscionable conduct is a high bar and one that Optus has spectacularly surpassed in its behaviour…

1 May , 2025

ICAN welcomes ASIC review into motor vehicle finance industry

The Indigenous Consumer Assistance Network (ICAN) has welcomed the Australian Securities and Investments Commission’s (ASIC) timely review of the motor vehicle finance industry. The review aims to address systemic issues affecting consumers in regional, remote, and First Nations communities. ASIC’s review, announced in March, will scrutinise lenders, brokers, and intermediaries for compliance with consumer protection…