financial hardship Archives - Consumers' Federation of Australia

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…

22 April , 2025

Every dollar counts – financial counsellors launch election campaign

Financial counsellors have launched their federal election campaign – When every dollar counts, so does financial counselling – we can’t afford to wait. Financial Counselling Australia (FCA), along with all the state financial counselling associations, is calling for a commitment from all sides of politics to provide increased and more sustainable funding, particularly for face-to-face financial…

2 April , 2025

ASIC report reinforces urgent need for mandatory super standards

[S]uper funds are blind to their own failures, with no targets, no monitoring, and no accountability…we’ve seen people subject to years of delay. These are people who’ve just lost a loved one—and they’re forced into a bureaucratic maze with no end in sight.

28 March , 2025

Research highlights consumer distrust in broken telco system

Preliminary research commissioned by the Australian Communications Consumer Action Network (ACCAN) raises alarm bells for policymakers and regulators. Findings point to widespread consumer harm and deep mistrust in the telecommunications industry. The polling, conducted as part of the first tranche of ACCAN’s consumer sentiment research, highlights troubling experiences of telco behaviour and unmet expectations. “Given…

17 March , 2025

Time to scrap ‘consumer protection’ rules that don’t protect consumers

Australia’s peak communications consumer body, ACCAN, has today called for the weak and ineffective industry-drafted Telecommunications Consumer Protections (TCP) Code to be scrapped in favour of robust and enforceable industry standards that better protect Australian consumers. Communications are an essential service – yet the rules which exist to protect communications consumers are failing in their…

12 March , 2025

Free financial counselling available to those impacted by natural disasters

Financial Counselling Australia (FCA) is reminding those who may be impacted by Cyclone Alfred, there is free financial counselling available. “Weather disasters can lead to unexpected financial problems, and some may find themselves in financial hardship,” said Louise Hayes, FCA’s National Coordinator of Disaster Recovery. “It’s important to know there are financial counsellors who can…

16 January , 2025

Number of People Reaching Out to the NDH Increases

There’s been a significant increase in the number of people reaching out to the National Debt Helpline (NDH) over the past year. During 2024 more than 169,000 people called in or used the online chat tool to seek help from financial counsellors – a 12% increase on 2023. Total visits to the NDH website also…

10 December , 2024

Community Advocates Welcome Government Report on Financial Abuse

Today (5 December) the Parliamentary Joint Committee on Corporations and Financial Services will release its long-awaited report from the inquiry into the Financial Services Regulatory Framework in Relation to Financial Abuse, which commenced in April 2024. Members of the Economic Abuse Reference Group, a national network of over 50 community organisations that work with government…

6 December , 2024

Review Finds Systemic Failures in Insurers’ Internal Dispute Resolution

Financial Counselling Australia (FCA) has welcomed an ASIC report calling on Australia’s insurers to improve their complaints handling processes. “We are disappointed but not surprised.?The findings from ASIC’s review of insurance complaints handling mirrors the experience of many financial counsellors supporting their clients through the claims process,” said Vicki Staff, FCA’s insurance expert. ASIC’s review of…

3 December , 2024

Banking Code Compliance Committee 2025-26 Priorities Consultation

The Banking Code Compliance Committee (BCCC) is developing their priorities for 2025-26 and is inviting interested parties to complete a short survey to share “new or emerging risks, issues or practices that you believe are concerns and causing harm to consumers or leading to poor outcomes”. The survey is open from 2/12/2024 to 7/02/2025 and survey…

3 December , 2024

New Centrepay Reform Bans Predatory Rent-to-Buy’s in Win for Consumers and Advocates

Consumer Action Law Centre CEO Stephanie Tonkin said she was absolutely delighted that Minister Bill Shorten has announced consumer protections and reforms to Centrepay that restore it to its original purpose; that it should only be used by consumers to make regular voluntary payments for essential bills and expenses. (link to media release) “We have…

8 November , 2024

Joint Submission Details Challenges and Fixes for IDs

Below is a joint submission made on behalf of: •Consumer Action Law Centre•Financial Counselling Australia•Financial Rights Legal Centre•Indigenous Consumer Assistance Network•Mob Strong Debt Help•Super Consumers Australia. This media release and joint submission was found on Consumer Action Law Centre’s website here: Our organisations welcome the opportunity to provide feedback on the proposed changes to the…