News

Today’s Full Federal Court decision to dismiss an application by Cigno Pty Ltd (Cigno), seeking to quash the Australian Securities and Investments Commission’s (ASIC) product intervention order to reign in short-term credit fees and charges, has been applauded by consumer advocates. ASIC’s product intervention order halted a regulatory avoidance model involving Cigno that saw significant fees and charges added to ‘collateral contracts’ with consumers. This model…

Today’s Federal Court decision that the lending model promoted by Cigno Pty Ltd did not breach the National Consumer Credit Protection Act (National Credit Act) is extremely  disappointing, and consumer advocates have urged the Australian Securities and Investments Commission (ASIC) to appeal the decision. Over recent years, community lawyers and financial counsellors have been inundated with…

The National Debt Helpline (NDH) and Small Business Debt Helpline (SBDH) are reminding individuals and small business owners affected by the floods and storms in Victoria that they can access free financial counselling. “As people recover from disasters like floods or damaging storms, advice and support from a financial counsellor…

        The National Debt Helpline (NDH) is urging people in Victoria experiencing financial stress due to the lockdown to seek free and independent advice. “As we go into the second week of this lockdown, many Victorians will be suffering. It’s important they know they can speak with…

Small businesses affected by current lockdown measures in Victoria can access free help from small business financial counsellors. Specialist small business financial counsellors help people to understand business debts and the implications of personal guarantees, as well as connect business owners with supports and grants that may be available. They…

Financial counsellors from across Australia have today welcomed a new Westpac policy, which will see hardship customers offered the option of building a savings buffer. Some of Westpac’s customers will be able to reduce their home loan repayments, giving them some financial breathing space. The bank aims to work with…

What will it take before the telecommunications industry accepts that there are systemic problems with the way they sell and market their products? There is yet another example today, with the release by the Telecommunications Industry Ombudsman (TIO) of its latest systemic issues report. The report documents poor sales practices,…

Today’s $50 million fine against Telstra for unconscionable conduct sends a clear message to the industry that mis-selling will not be tolerated. The ACCC began investigating allegations of unconscionable conduct by Telstra after financial counsellors approached the regulator with 100 examples of Indigenous people from across the Northern Territory, South…

More than 650 people have registered for Financial Counselling Australia’s (FCA) annual conference, Monday May 17 – Friday May 21. Around 60 of these registrations are for the virtual ‘zoom me in’ version of the conference, which allows attendees to participate remotely via video streaming technology, while the remaining attendees will…

The National Debt Helpline has launched a campaign encouraging people in financial stress to contact a free and confidential financial counsellor. The launch of the campaign follows the end of the various financial support arrangements put in place by Government and industry during the pandemic. The JobKeeper and JobSeeker supplements…