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
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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
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The Code Compliance Monitoring Committee has released its 2010-2011 Annual Report. Highlights noted in the Annual Report include an increase in self reported breaches but a decrease in serious breaches and reviews of bank compliance with IDR obligations.
Read More Banking Code Compliance Monitoring Committee Update, November 2011
The Financial Ombudsman Service has issued a special update on how it treats flood insurance matters Circular Issue 7 – Update 1 – Flood Edition – Nov 2011
Read More Ombudsman updates treatment of flood insurance disputes
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
People planning their retirement finances have two new tools to help them make informed decisions, a new retirement planning publication, Financial Decisions at Retirement, and an upgraded MoneySmart Retirement Planner, the online calculator that shows people how to boost their retirement savings.
Read More New tools to help consumers plan retirement
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CFA member the Consumer Action Law Centre has expressed disappointment with the Government’s initial response to the National Disaster Insurance Review (NDIR) Panel’s report which it labelled as ‘indecisive’. While the Centre welcomed moves towards a system which would see more Australians covered by flood insurance, it raised concerns about the proposed ‘opt out’ model and has lamented the lack of tangible interim measures in the Government’s response.
Read More Stronger response needed to ensure consumers are protected in times of disaster
The Commonwealth has accepted a proposal to introduce a standard definition of flood and compel insurers to include a flood cover option in all home and contents insurance. This will mean consumers (generally) get two prices in an insurance contract offer: with and without flood cover.
Read More Standard definition of flood in insurance policies + mandatory offer +/- affordability?
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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