Submission to the Treasury Consultation on Improving Consumer Outcomes in Credit Card Usage
Related Projects
AFCA Approach to Appropriate Lending to Small Business
Submission to: Australian Financial Complaints Authority
This submission is based on the casework experiences of Small Business Debt Helpline financial counsellors. We welcome the development by AFCA of an approach document. Our submission argues that the approach document needs to explicitly consider the issue of customers in vulnerable circumstances, that there is a need for clear guidance about what constitutes “reasonable inquiries” in assessing a business purpose and emphasises the importance of assessing the type of financial firm, type of credit provided and characteristics of the borrower for all amounts of credit, including small amounts. In the experience of the Helpline, small amounts of credit can snowball and put personal assets, including the family home at risk.
This submission is based on the casework experiences of Small Business Debt Helpline financial counsellors. We welcome the development by AFCA of an approach document. Our submission argues that the approach document needs to explicitly consider the issue of customers in vulnerable circumstances, that there is a need for clear guidance about what constitutes “reasonable inquiries” in assessing a business purpose and emphasises the importance of assessing the type of financial firm, type of credit provided and characteristics of the borrower for all amounts of credit, including small amounts. In the experience of the Helpline, small amounts of credit can snowball and put personal assets, including the family home at risk.
Adequacy of Newstart and related payments and alternative mechanisms to determine the level of income support payments in Australia
Submission to: Senate Community Affairs References Committee
This is a joint submission from FCA and the State/Territory financial counselling associations. Fairness should be the underpinning principle in decisions about the level of income support payments. We support an urgent increase in Newstart by at least $75 per week to ensure people are more likely to be able to keep a roof over their heads and pay the household bills. We support an independent review of the adequacy of income support payments and the introduction of an independent body to set such payments to ensure they remain adequate into the future.
This is a joint submission from FCA and the State/Territory financial counselling associations. Fairness should be the underpinning principle in decisions about the level of income support payments. We support an urgent increase in Newstart by at least $75 per week to ensure people are more likely to be able to keep a roof over their heads and pay the household bills. We support an independent review of the adequacy of income support payments and the introduction of an independent body to set such payments to ensure they remain adequate into the future.