Inquiry into the Resolution of Disputes with Financial Service Providers within the Justice System – Joint Submission

Submission to: Treasury
Joint consumer group submission (led by CHOICE). The submission argues that an effective Compensation Scheme of Last Resort should have broad coverage so that it includes any financial service or product that comes within the jurisdiction of the Australian Financial Complaints Authority. It is particularly important that the CSLR cover funeral expense policies managed investment schemes and debt management firms. The compensation cap for the CSLR should be the same as that for AFCA.

Submission to: Office of the Australian Information Commissioner
Joint consumer submission (led by Financial Rights Legal Centre) contains numerous recommendations to improve the current code. As currently drafted it is impenetrable and needs to be rewritten in simpler and clearer language. We recommend that it be broken up into principles-based consumer provisions and technical industry-facing provisions. There is so much wrong with the Code, that it is difficult to summarise the over 40 recommendations. They cover statute barred debt, family violence, the code oversight body, better timeframes, free credit reports, improving the corrections process and the perverse situation where shopping around for a credit product adversely affects a credit report.