March 16, 2023 Financial counselling organisations have welcomed the NSW Government’s pledge to double funding for financial counselling services, if re-elected. This would double the NSW Government’s investment in the sector from $9.6 million a year to almost $20 million and will mean around 100 more financial counselling positions and…
MEDIA RELEASE If you’re thinking of a shopping spree on ‘Afterpay Day’ this week, remember that your splurge can easily become a case of Buy Now, Pain Later. A coalition of consumer groups is warning that the national marketing campaign by Afterpay and major retailers can easily lure people into…
MEDIA RELEASE March 10, 2023 Financial Counselling Australia is absolutely delighted that our hugely admired colleague, Lynda Edwards, has been named 2023 NSW Premier’s Woman of the Year. Lynda took out the prestigious award after having won her category, NSW Aboriginal Woman of the Year Award, at a ceremony in…
If you’re feeling overwhelmed by rising interest rates and struggling to make ends meet, you don’t have to suffer alone. That’s the message from the National Debt Helpline (NDH) and Small Business Debt Helpline (SBDH) to people who are being buffeted by rising interest rates and rising costs. The two…
MEDIA RELEASE THURSDAY, FEBRUARY 16, 2023 In submissions released publicly by the Treasury today, major banks, industry associations, regulators and consumer advocates are unified in calling for an end to lending loopholes allowing buy now, pay later providers to avoid safe lending laws. Groups who made submissions calling for the…
Consumer advocates have welcomed the dismissal by the High Court of a special leave application by Cigno Pty Ltd (Cigno) and BHF Solutions Pty Ltd (BHFS) against the Full Federal Court’s finding in enforcement proceedings brought by the corporate regulator, the Australian Securities and Investments Commission (ASIC). Cigno and BHFS…
Buy Now, Pay Later (BNPL) late fees and charges would be capped, and providers would be licensed and banned from making unsolicited offers of credit, under recommendations for proper regulation of the sector proposed by a coalition of 15 consumer and legal groups. They are three of a raft of…
Consumer advocates are calling for Australian banks to maintain and enhance robust consumer protections, following an independent review of the Banking Code of Practice (the Banking Code). The Australian Banking Association (ABA) has published its response to the 2021 Independent Review of the Banking Code of Practice today, authored by…
After a late-night Senate sitting, Consumer Advocacy groups across Australia are celebrating the passing through the Federal Parliament of long overdue reforms that will protect consumers from falling into payday loans and consumer lease debt traps. The Financial Sector Reform Bill 2022 has finally passed after 6 years of…
New data from Youpla/ACBF liquidators, SV Partners, has revealed a 300 per cent increase in the number of policy cancellations during the period when Youpla was being removed from the Federal Government’s Centrepay program (2015 to 2017). The Banking Royal Commission heard around 6000 people had their policies cancelled due…