Financial Accountability Regime
Submission to: Treasury
Related Projects
Licensing Debt Management Firms: Exposure Draft Regulations
Joint consumer group submission (led by Consumer Action Law Centre) into proposed laws that will require some debt management firms (DMFs) to hold an Australian Credit Licence. The submission supports this proposal but sets out why are more robust licensing and conduct regime is needed to adequately prevent consumer harm. This would include a requirement that all DMFs act in the customer’s best interests, a ban on upfront fees, a ban on DMFs taking a legal charge over a client’s assets to secure their fees, and mandatory signposting to free services such as financial counselling as other options.
Review of the Rural Financial Counselling Service
Submission to: Department of Agriculture
Submission calls for the RFC Service to work much more closely with generalist financial counselling services because of the many similarities in the work of both roles. Possible benefits include better communication and professional development and ultimately better client outcomes.
Submission calls for the RFC Service to work much more closely with generalist financial counselling services because of the many similarities in the work of both roles. Possible benefits include better communication and professional development and ultimately better client outcomes.