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FCA responds to ASIC proposal to use its new product intervention powers to rein in unregulated payday lending – it can’t happen soon enough

Financial Counselling Australia notes the release today of an ASIC consultation paper about whether it should use its new product intervention powers to rein in the lending practices of companies operating outside the credit laws. The answer is yes.  And it can’t happen soon enough. Financial counsellors have been dealing…

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Telecommunications Consumer Protection Code Inadequately Protects Consumers: Consumer Groups

The revised Telecommunications Consumer Protection (TCP) Code fails to adequately protect telco consumers, according to consumer groups.   Despite consultation with the telco industry and regulator, consumer groups including ACCAN, Consumer Action Law Centre, WEstjustice, Financial Counselling Australia, Financial and Consumer Rights Council, Financial Rights Legal Centre, Money Mob, and…

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Statement from FCA re High Court decision in Kobelt

While Financial Counselling Australia respects the recent decision by the High Court in ASIC v Kobelt we want to place on record our disappointment. We also want to commend ASIC in pursuing this important case and note that it reinforces the need for urgent law reform. ASIC had asked the…

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FCA Comments on Banking Royal Commission

A lot is being said and written about the final report of the Banking Royal Commission. We focus on three issues relevant to our work. The final report has a lot of helpful recommendations  We endorse the comments made about the report by our colleagues in other consumer organisations: the…

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FCA Releases Annual Report

Financial Counselling Australia has today released its annual report. This year’s report tells a story of why financial counselling is so important. Australia has one of the highest levels of household debt in the world, with an estimated 21% of households in financial stress and nearly 1 million households in…

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FCA welcomes Senate Inquiry into Predatory and Other Lenders

FCA welcomes today’s news that the Senate will be holding an inquiry into businesses that target people in financial difficulty, often causing harm in the process. Financial counsellors have long been calling for stronger regulation of payday lenders and rent to buy companies. The Government promised stronger regulation of this…

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Consumer Groups Respond to Resignation of ASIC Deputy Chair

The Consumer Action Law Centre, Financial Counselling Australia and CHOICE have responded to the news of ASIC Deputy Chair Peter Kell’s resignation by calling for the Government to ensure that he is replaced by a person with a similar strong consumer protection background. The Treasurer has today announced that Mr…

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