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The Consumer Action Law Centre has asked the Australian Securities and Investment Commission (ASIC) to undertake a formal investigation into the internal dispute resolution processes of Cash Converters, Australia’s biggest payday lender.
Read More Consumer group says Cash Converters’ processes need formal investigation
ASIC logo
ASIC today announced it has accepted a court enforceable undertaking (EU) from Commonwealth Bank of Australia (CBA) following concerns that a message sent to its internet banking customers was misleading.
Read More ASIC raises concerns about CBA credit limit increase invitations
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An Australian fringe lending company is introducing payday loan “kiosks” which look like ATMs into Queensland shopping centres, a move that financial counsellors say could put financially vulnerable families at greater risk post the holidays.
Read More Payday Loan “ATMs” – A New Low in Irresponsible Lending
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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
FOS latest Annual Review has been released, with summaries in English and other community languages. Also published online are Comparative Tables showing disputes about individual financial service providers.
Read More 30,283 financial service disputes at FOS in 2010/11, up 27%
The Consumer Action Law Centre has welcomed the finding from a parliamentary committee of inquiry that Australia’s responsible lending laws don’t sufficiently protect consumers from harmful payday loans. However, the Centre said it was disappointed the inquiry hasn’t supported a cap on the cost of credit, and it has called on the Government to stay…
Read More Committee’s report shows responsible lending laws aren’t enough
CFA member Consumer Action is concerned about the many instances of non-compliance with the law revealed in ASIC’s review of how payday lenders comply. It has also noted some shortcomings in the responsible lending laws.
Read More Consumer action calls for cap on payday lending in response to ASIC report
ASIC’s review of the practices of 19 pay day and other short-term small amount lenders has found that while the majority are aware of and taking steps to comply with their responsible lending obligations, further improvements need to be made.
Read More ASIC seeks consistency in micro lenders’ responsible lending practices
With the Commonwealth Parliament’s joint committee on corporations and financial services due to report soon, Annette Sampson reports in the SMH on a Queensland court decision that exposes the problems in the payday lending industry.
Read More Stronger hand needed to stop debt traps – committee to report this week
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The Consumer Action Law Centre has welcomed the Federal Government’s ban on credit providers making unsolicited credit card limit increase offers to customers, but believes that ambiguity in the regulations governing the ban will see credit providers attempt to evade and undermine it. The Centre has also warned that the Government will need to respond quickly to any such attempt if it wants to maintain the integrity and effectiveness of the ban.
Read More Consumer Action warns government that new credit card regulation may require running repairs
A national survey of over 300 financial counsellors has slammed the payday lending industry.
Read More Pay day loans harm our clients say financial counsellors
Consumer Action says that ASIC’s report into consumer credit insurance shows that many lenders selling CCI use unfair tactics to sell the product, and that the industry has failed to address problems that have existed for more than 20 years.
Read More ASIC exposes consumer credit insurance dirty tactics
