FCA welcomes report on financial abuse: now is the time for action.

Financial Counselling Australia (FCA) has welcomed the tabling of a parliamentary inquiry report into financial abuse and Australia’s financial services regulatory framework.

“It’s a pivotal report and reflects so many of the measures that people affected by financial abuse, along with advocates, have been calling for over the last decade,” said co-CEO of FCA Dr Domenique Meyrick.

“The name says it all – ‘Financial abuse: an insidious form of domestic violence’ and financial counsellors bear witness to this type of abuse every day,” Dr Meyrick said.

There are 61 recommendations in the report reflecting the issues raised by those who made submissions and gave evidence, including FCA.

“It acts as a powerful summary of many of the avenues for financial abuse available to people who choose to use it – it’s a sobering read.”

The report is comprehensive and includes many sensible ideas including:

• Changes to legislation to make it harder for perpetrators to use the system to inflict abuse
• A review of responsible lending laws and the credit code informed by the lived experience of victim-survivors
• The use of Safety by Design framework and assessment tools across the finance sector
• Moving Child Support away from Services Australia and over to the ATO
• Allowing two separate offset accounts on mortgages

“Now is the time for action. The systems must be changed to prevent this type of abuse from harming more people,” said Dr Meyrick.

ENDS

For comment please contact [email protected] or call Maura Angle on 0418 334 121.