CHOICE launches ‘Move Your Money’, a new campaign aimed at helping thousands of Australians look beyond the ‘big four’ banks to save money and drive competition.
Read More Campaign calls on consumers to switch and save
Peter Kell
ASIC has released guidance to help promoters comply with their legal obligations when advertising financial products and services.
Read More ASIC releases guidance on advertising financial products
ASIC logo
ASIC today announced measures to help ensure issuers of debt products such as debentures and notes provide investors and financial consumers with the information they need to make informed decisions about investing in these products. These products can be risky.
Read More ASIC warns against investment in retail debt market
CHOICE says comments are softening up ahead of interest rate decisions.
Read More Consumers deserve transparency not spin from banks
FCA logo
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
CI logo
Millions of consumers around the world transfer money to their friends and relatives abroad. The World Bank estimates that a total of USD483 billion was sent in 2011.
Many communities in developing countries rely on remittances sent home by migrant workers to meet basic needs. But average charges for this relatively simple transaction are unreasonably high, often 10 or 20%.
Read More New Consumers International report shines the spotlight on global money-transfer markets
The Financial Ombudsman Service (FOS) is dealing with an increasing number of disputes involving FSPs relying on electronic transmission to provide insurance policies to consumers. Electronic transmission is either via the internet or email.
Read More Electronic communication of insurance policies
FCA logo
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%
ASIC will shortly contact 30 Australian financial services licensees as part of the next phase of its review of financial advice industry practice. The review is intended to provide input into ASIC’s work on educating investors, holding gatekeepers to account and understanding consumer behaviour.
Read More ASIC continues review of financial advisors
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
Code Monitoring Committee logo
A review suggests banks that subscribe to the Code of Banking Practice have strong policies and good procedures in relation to basic bank products, nevertheless some eligible customers are not taking up the products.
Read More Basic bank accounts visible and in place, but not always reaching those in need
