Financial Counselling Australia response to AFCA ban

Financial Counselling Australia notes that Australia’s independent financial dispute resolution body, the Australian Financial Complaints Authority, has today banned MCR Partners from accessing its services for a period of time.

FCA strongly welcomes this move from AFCA.

MCR Partners says it helps individuals and small business in financial hardship.

This is also the core role of financial counsellors.  Financial counselling is a free, community-based service. A financial counsellor’s role is to act in the best interests of their clients.

Financial counsellors are very concerned about the proliferation of debt management companies in the marketplace. Debt management companies charge high fees to people experiencing financial stress. They often do a terrible job, may provide services that a person can do themselves (such as access a free dispute resolution scheme) and can leave people in a worse financial position.

People struggling with bills and debts are urged to contact the National Debt Helpline (NDH) by visiting ndh.org.au or calling 1800 007 007. The NDH is a not-for-profit service that helps people in Australia tackle their debt problems. NDH is not a lender and does not ‘sell’ anything or make money.

It is staffed by professional financial counsellors who offer a free, independent and confidential service.  They will help you get back on track and may refer you to other FREE services for further assistance.

It’s important to note that financial counsellors are not planners or advisors. They don’t provide investment advice nor are they lenders.

Media comment  – Fiona Guthrie, CEO, 0402 426 835