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The financial counselling sector has today released its third annual Rank the Banks survey and it contains both bouquets and brickbats. Nearly 300 financial counsellors were surveyed for their views on how the banking industry is responding to customers in financial hardship. Financial counsellors were also asked for the first time to rank the hardship practices of…
Read More ‘Rank the Banks’ survey results released
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On 15th February, a package of reforms to improve credit card lending and marketing practices passed Federal Parliament. Consumer advocacy groups Consumer Action Law Centre and CHOICE are relieved to see the important reforms finally enacted after a long consultation process. The reforms will: require affordability assessments to be based on a person’s ability to…
Read More Credit card reforms long overdue
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In its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, CHOICE has called on the Commission to use its special powers to compel banks, insurers and lenders to provide evidence behind high fees and harmful practices. “CHOICE is calling for the Royal Commission to use its powers to…
Read More Call for banks to provide reasons behind harmful practices
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Consumer Action Law Centre has published part 2 of its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector. The submission draws on the experience of the Centre assisting Victorians through legal advice and representation, and financial counselling. The submission identifies various drivers of misconduct or conduct falling below community standards and expectations,…
Read More Consumer Action Law Centre: Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector, part 2
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Consumer Action Law Centre has published part 1 of its initial submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector today. The submission draws on the experience of the Centre assisting Victorians through legal advice and representation, and financial counselling. The submission identifies various kinds of misconduct by financial services,…
Read More Consumer Action Law Centre: Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector, part 1
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Financial Counselling Australia (FCA) welcomes today’s announcement from the ACCC that they will continue to allow the banking industry to subsidise privately provided ATMs in remote Aboriginal and Torres Strait Islander communities. The ACCC needs to authorise this arrangement as its collective nature means it would otherwise breach Australia’s competition laws. At a time when…
Read More FCA welcomes ACCC determination extending fee-free ATMs in Remote Communities
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The Turnbull Government will legislate a national Consumer Data Right, allowing customers open access to their banking, energy, phone and internet transactions. Australians will be able to compare offers, get access to cheaper products and plans to help them ‘make the switch’ and get greater value for money. Assistant Minister for Cities and Digital Transformation Angus…
Read More Australians to own their own data
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Customers continue to be frustrated by bank staff providing incorrect information about cancellation of direct debits, according to two separate reports released by the Banking Code Compliance Monitoring Committee (BCCMC) and the Customer Owned Banking Code Compliance Committee (COBCCC) respectively. The BCCMC report found that more than half (54%) of bank staff tested gave customers…
Read More Banks Continue to Provide Incorrect Information about Direct Debit Cancellation
CHOICE says consumers should find a better deal if big banks pass on the levy
Read More Time to Switch As Big Banks Threaten Consumers with High Fees
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The Australian Banker’s Association (ABA) response to the Independent Review of the Code of Banking Practice (Khoury Review) is a positive start, but consumer advocates say there are some missed opportunities for the banking industry. Advocates say improving responsible lending assessments and making it easier to cancel credit cards will help Australians have a better…
Read More Progress on banking code, but missed opportunities too: consumer advocates
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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
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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?
