Financial counsellors expect today’s interest rate rise, coupled with high living costs, to create even more distress for many of their clients struggling financially. “People are really doing it tough and having to make difficult decisions to cover every day living costs and pay their rent or mortgage,” said Dr…
Financial Counselling Australia (FCA) has called on the Australian Government to strengthen access to financial counselling services to deal with rising demand, longer wait times and a growing complexity of cases. FCA has lodged a detailed submission seeking $19.85 million per year in targeted and sustainable Commonwealth investment. The increase in…
Financial Counselling Australia (FCA) is warning communities across South East Queensland to be on high alert for so-called “disaster chasers”. Insurers have told FCA there is an increase in reports of disaster chasers in recent months following the November storm. Disaster chasers are often dodgy, opportunistic operators who appear after…
Financial Counselling Australia (FCA) has today called for urgent reforms to Australia’s debt enforcement system after releasing its landmark report, “Who’s Making Australians Bankrupt? A follow-up report: six years on”. The original “Who’s making Australians bankrupt?” report was published in 2019. Since then, much has changed, including FCA’s ability to capture and analyse data. We…
With the festive season approaching and cost-of-living pressures continuing to affect households across the country, Beyond Blue and Financial Counselling Australia have launched a new free resource to help people manage their finances and look after their mental health. The Money and Mental Health Toolkit includes practical tips for managing…
Financial Counselling Australia (FCA) is deeply concerned by reports the Albanese Government is preparing to abandon a total ban on online gambling advertising. FCA CEO, Dr Domenique Meyrick, said it was disappointing to see the voices of people harmed by gambling overshadowed by industry pressure. “Every day, financial counsellors speak with people…
Financial Counselling Australia (FCA) welcomes the Australian Taxation Office’s (ATO) new Vulnerability Framework as an important first step towards fairer treatment of people in financial difficulty but says the real test will be how it’s implemented. “The ATO’s Vulnerability Framework is an important step towards a fairer and more compassionate tax system.…
A new set of nationally endorsed Principles of Good Hardship Practice has been released, setting a best-practice guide for how organisations should support people experiencing financial difficulty. Developed by the financial counselling sector, the ten core principles focus on respectful communication, early intervention, and fair, compassionate support for people in…
These ten principles set out, what we believe is, best practise in the provision of hardship - clear communication, early help, and respectful, realistic solutions. They’re grounded in real-world experience and shaped through extensive consultation with banks, telcos, utilities, debt collectors, and people with lived experience. This work follows the…
Financial counsellors welcome today’s landmark decision by the Federal Court, which has endorsed a record $100 million penalty against Optus for unconscionable conduct. Financial Counselling Australia (FCA) says it sends a strong message to all telecommunications providers that mis-selling to vulnerable customers will no longer be tolerated. For some time, financial counsellors have been…