Review of the Rural Financial Counselling Service
Submission to: Department of Agriculture
Related Projects
AFCA Rules and Operational Guidelines
Submission to: AFCA
Joint submission (led by Consumer Action) about proposed changes to AFCA’s rules. Amongst other things, the submission supports expanding AFCA’s rules to exclude paid representatives that do not act in a consumer’s best interest, increasing potential payments for non-financial loss and allowing AFCA to consider complaints where there has been a full and final settlement if the financial services firm acted unfairly. The submission also makes recommendations about the circumstances in which a complainant may be excluded.
Joint submission (led by Consumer Action) about proposed changes to AFCA’s rules. Amongst other things, the submission supports expanding AFCA’s rules to exclude paid representatives that do not act in a consumer’s best interest, increasing potential payments for non-financial loss and allowing AFCA to consider complaints where there has been a full and final settlement if the financial services firm acted unfairly. The submission also makes recommendations about the circumstances in which a complainant may be excluded.
Relief for simple arrangements following a hardship notice
Submission to: ASIC re Consultation Paper 354
Joint consumer group submission (led by Financial Rights Legal Centre) arguing that ASIC should allow Class Order 14/41 to expire in March 2022. The effect of the class order is that credit providers that agree to vary a contract because a person is experiencing financial hardship do not need to notify the person in writing, as long as the arrangement is for less than 90 days (described as a “simple arrangement”). The submission argues that the continuation of the class order will be confusing because of changes to the credit reporting system that require notification to people about financial hardship reporting as well as changes to industry practice.
Joint consumer group submission (led by Financial Rights Legal Centre) arguing that ASIC should allow Class Order 14/41 to expire in March 2022. The effect of the class order is that credit providers that agree to vary a contract because a person is experiencing financial hardship do not need to notify the person in writing, as long as the arrangement is for less than 90 days (described as a “simple arrangement”). The submission argues that the continuation of the class order will be confusing because of changes to the credit reporting system that require notification to people about financial hardship reporting as well as changes to industry practice.