Finance

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Assistant Treasurer, Stephen Jones has announced strengthened pathways for victims to seek compensation where wrongdoing has occurred. A Ministerial Direction announced yesterday, will empower the Australian Financial Complaints Authority (AFCA) to investigate every bank involved in the scam, both the sending and receiving bank. Consumer Action Law Centre CEO Stephanie Tonkin thanked the Assistant Treasurer for his…

Read More AFCA empowered to investigate all banks involved in a scam

Here to Help

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…

Read More Free financial counselling available to those impacted by natural disasters

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North Queensland has just experienced another catastrophic flooding event, marking the second “once-in-a-century” flood in just six years. Ingham and areas surrounding Townsville were inundated, leading to mass evacuations, significant infrastructure damage, and tragic loss of life. The Herbert River reached levels unseen since 1967, overwhelming communities and causing widespread devastation. In February 2019, ‘The…

Read More Recent natural disasters highlight the need for ‘disaster qualified’ FCs

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HSBC Bank Australia Limited (HSBC Australia) failed to adequately protect customers scammed out of millions of dollars, according to documents filed by ASIC in the Federal Court today. ASIC alleges HSBC Australia failed to have adequate controls in place to prevent and detect unauthorised payments and failed to comply with its obligations to investigate customer…

Read More Win for Consumers and Advocates as ASIC Sues HSBC Australia, Alleges “widespread and systemic” failings

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Public comment and submission is now open for the Victorian Bar, Western Australian Bar, and Chartered Accountants Australia and New Zealand’s proposed Professional Standards Schemes. A professional standards scheme is a legal instrument that limits the occupational liability or damages that can be awarded against a member of the association to whom a scheme applies.…

Read More Bar and Accounting Professional Standards Schemes Open for Comment and Submissions

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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…

Read More Community Advocates Welcome Government Report on Financial Abuse

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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…

Read More Review Finds Systemic Failures in Insurers’ Internal Dispute Resolution

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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…

Read More Banking Code Compliance Committee 2025-26 Priorities Consultation

News

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…

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

Knowledge is Power

ICAN’s Yarnin’ Energy team launched a ‘Get emPOWERed!’ competition on Monday the 11th of November. The competition has been designed to engage people to participate in the coaching component of our Yarnin’ Energy program. “The first fifty people to book and attend an appointment with one of our Yarnin’ Energy Mentors will receive a FREE Energy…

Read More ICAN Launches ‘Get emPOWERed!’ Competition through Yarnin’ Energy Program

Logos for: Consumer Action Law Centre, Ican, Financial Rights Legal Centre, Mob Strong Debt Help, Financial Counselling Australia, Super Consumers Australia

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…

Read More Joint Submission Details Challenges and Fixes for IDs