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FCA apologises for mistake in Rank the Banks (and other creditors) report

Media Release 

29th July 2020

Financial Counselling Australia (FCA) has today apologised for some inaccurate information in its’ latest Rank the Banks (and other creditors) report. In some of the tables we incorrectly included the total number of financial counsellors who responded to the question, but these included people who ticked “not applicable”.

Accordingly, some firms were included in the tables when they should not have been, because the samples sizes relevant to them were too small to warrant inclusion.

Where the sample size for a company was less than 20, we will not be reporting it.

This error was not picked up and it should have been. All tables will be reviewed and updated accordingly.

What does this mean for the headline rankings?

All of the ratings made in the analysis were correct, but we should have not reported companies where the sample size was too small (and noted in the report that they were not reported for that reason). Accordingly, the following companies will be excluded from the tables and figures:

  • Bank of Sydney
  • My State
  • Rabobank
  • Rural Bank
  • CFMG
  • Executive Collections
  • Mercantile CPA
  • ProCollect
  • All-set Rentals
  • deferit

The tables will be updated to include the actual numbers of financial counsellors that provided rankings.

We understand how important it is to get something like this right and apologise for publishing our report with some mistakes.

We have therefore removed the report from our website along with any social media posts. We are in the process of amending the incorrect data and will re-issue the report, once corrected.

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