Media Release from the Financial Counselling Industry Fund
More Australians will now have access to support from financial counsellors with the launch of the Financial Counselling Industry Fund (FCIF).
The FCIF is the result of a collaboration between the financial counselling sector and a number of industries and companies – Australian Banking Association member banks, Australian Energy Council, Energy Networks Australia, Insurance Council of Australia, Responsible Wagering Australia, Tabcorp, Afterpay, Telstra, Optus and Credit Corp.
This $33 million commitment over three years from these organisations will see over 30,000 more Australians access financial counselling either face-to-face or through the National Debt Helpline phone and webchat service.
The inaugural board of FCIF will include Peter Kell (independent chair), Greg Tanzer (nominated by the financial counselling sector) and Vanessa Beggs (nominated by industry stakeholders). They will be joined by an additional director nominated by the financial counselling sector, an additional director nominated by industry and two independent directors to be chosen by the Board.
“Financial Counsellors make an enormous difference to the lives of many Australians. This is why FCIF is so important, as the additional industry funding will expand the vital services they provide to people experiencing financial hardship”, said Peter Kell.
Anne Crouch, Chair of Financial Counselling Australia
“Financial counselling agencies are reporting huge unmet demand and this funding will mean we can start to close that gap. We thank the industry funders and look forward to working with them through FCIF.”
Anna Bligh, CEO of the Australian Banking Association
“Banks have long recognised the important role financial counsellors play in supporting Australians who are doing it tough. This fund will ensure those facing financial difficulty can get access to free and independent advice to help guide them out of financial hardship.”
Andrew Hall, CEO of the Insurance Council of Australia
“Financial counsellors play an important role in assisting people facing financial hardship, especially when the unexpected happens like catastrophic weather events. This industry co-funding model will be important in supporting the financial counselling sector and the National Debt Helpline, so it can continue to support customers in need, helping them get back on their feet after these events.”
Sarah McNamara, CEO of the Australian Energy Council
“There’s no doubt the need for financial counselling services has been amplified by current cost-of-living pressures. Our members understand energy customers may need assistance and that’s why they are making a meaningful contribution.”
Dom van den Berg, CEO Energy Networks Australia
“With cost-of-living pressures increasing in many aspects of our daily lives, energy networks are committed to supporting those customers doing it tough. Together with our members, we are proud to support financial counselling and believe it can have a real impact.”
Kai Cantwell, CEO of Responsible Wagering Australia
“Responsible Wagering Australia members continue to set the industry standard for keeping customers safe. That’s why our members volunteered to contribute more than $3 million over three years towards this important initiative that will provide vital support to Australians who need help managing their financial circumstances.”
Jenni Barnett, Chief Customer Officer, Tabcorp
“At Tabcorp we’re committed to a safe, sustainable and regulated industry. For us that means putting customer welfare at the forefront of everything we do. That’s why we are proud to play our part in ensuring Australians are given more opportunities to access financial counselling when they need it. This program will make a real difference to the lives of so many in our local communities and we congratulate the Minister and the Albanese Government for leading the way.”
Katrina Konstas, ANZ Country Manager, Afterpay
“Financial counsellors are a vital resource for Australians facing financial difficulty. Afterpay is proud to contribute to a fund that will make a real and lasting difference in our communities, giving more Australians access to free, independent and expert advice.”
Teresa Corbin, Chief Customer Advocate, Telstra
“Financial counsellors do incredibly important work to help people going through tough times get back on their feet. Telstra is committed to supporting these services because they play a vital role in keeping Australians in vulnerable circumstances connected.”
Maurice McCarthy, Managing Director Customer Success at Optus.
“At Optus, we’re committed to supporting the important work of financial counsellors who offer invaluable, compassionate support and practical solutions. Optus is pleased to confirm its contribution to the new funding model as an important and collective effort to help Australians impacted by hardship.”
The next step for the FCIF will be to recruit a CEO and other staff. Industry funding is expected to start to roll out by the end of 2024.
MEDIA INQUIRIES
Greg Tanzer, FCIF Board Member, 0403 733 961
A list of companies contributing to the FCIF is at Attachment 1, followed by notes for editors.
ATTACHMENT 1 – COMPANIES CONTRIBUTING TO THE FCIF
Members of the Australian Banking Association
- AMP
- Australia and New Zealand Banking Group Limited
- Bank Australia
- Bank of Queensland
- Bank of Sydney
- Bendigo and Adelaide Bank Group
- Commonwealth Bank of Australia
- HSBC
- ING
- Macquarie Bank Limited
- MyState Bank Limited
- National Australia Bank
- Westpac Banking Corporation
Members of the Insurance Council of Australia
- AAI Limited
- AIG Australia Limited
- AIOI Nissay Dowa Insurance Company Aus
- Allianz Australia Ltd
- Assetinsure Pty Ltd
- Auto & General Insurance Co Ltd
- Catholic Church Insurance Ltd
- Chubb Insurance Australia Limited
- Defence Service Homes Insurance Scheme
- Eric Insurance Ltd
- Guild Insurance Limited
- HDI Global Specialty SE
- Hollard Insurance Co Pty Ltd
- Hollard Insurance Partners
- Insurance Australia Group Ltd
- Insurance Manufacturers of Australia PTY Ltd
- Lloyd’s Australia Ltd
- Mitsui Sumitomo Insurance Co Ltd
- Pacific International Insurance Pty Ltd
- QBE Insurance Australia Ltd
- RAA Insurance Ltd
- RAC Insurance Limited
- RACQ Insurance Limited
- RACT Insurance Pty Ltd
- Tokio Marine & Nichido Fire Insurance
- XL Insurance Company SE
- YOUI Pty Ltd
- Zurich Financial Services Australia Ltd
Members of the Australian Energy Council
- AGL
- Alinta Energy
- EnergyAustralia
- Engie
- Origin Energy
- Red Energy
- Shell Energy Australia
Members of Energy Networks Australia
- APA Group
- ATCO Gas Australia
- Ausgrid
- AusNet Services
- Australian Gas Networks
- CitiPower and Powercor
- ElectraNet
- Endeavour Energy
- Energy Queensland
- Essential Energy
- Evoenergy
- Jemena
- Power and Water Corporation
- Powerlink
- SA Power Networks
- Solstice Energy
- TasNetworks
- Transgrid
- United Energy
Members of Responsible Wagering Australia
- bet365
- betfair
- Entain
- Pointsbet
- Sportsbet
- Unibet
Other Companies
- Afterpay
- Credit Corp Group
- Optus
- Tabcorp
- Telstra
NOTES FOR EDITORS
Financial counsellors work in community-based, not-for-profit organisations and provide advice and support to people experiencing financial hardship. Services are delivered face-to-face or by phone and webchat through the National Debt Helpline (1800 007 007 and www.ndh.org.au). Financial counsellors help people prioritise debts, negotiate affordable repayment arrangements, access concessions and understand their rights and obligations.
There are around 1,100 financial counsellors in Australia. Financial counselling is a free, independent and confidential service.
An independent review of the funding and coordination of financial counselling services, undertaken by Louise Sylvan AM in 2019, recommended that the industries that refer their customers to financial counsellors and benefit when they get back on track, contribute funding to help in reducing unmet demand.
The previous and current Federal Governments facilitated various advisory groups to progress the industry funding model recommended in the Sylvan Review. The Federal Government is providing seed funding to FCIF for its initial start-up costs.