A new survey of financial counsellors about the impact of buy now pay later (BNPL) on their clients is a wake up call to the community about this new form of debt. The report’s title says it all: It’s credit, it causes harm and we need safeguards. The report was…
Financial Counselling Australia (FCA), Financial Rights Legal Centre and the Consumer Action Law Centre welcome the Parliamentary Joint Committee on Corporations and Financial Services’ recommendation for legislation to prohibit online gambling operators from accepting credit card funded deposits. Yesterday the Committee released its report, which recommended that gambling companies be…
Financial Counselling Australia welcomes today’s release by the banking industry of a new Financial Difficulty Guideline. The guideline represents the continuing evolution from the banks in the way they respond to customers experiencing financial stress. “This guideline is a really positive move from the banking sector,” said the CEO of…
A new report from the independent body handling complaints about telcos, the Telecommunications Industry Ombudsman (TIO), adds yet more weight to calls from financial counsellors for the industry to lift its game. The TIO has released its latest systemic investigation, called “Responding to consumers in financial hardship”. The report highlights…
Thousands turn to free financial counselling during latest lockdowns Thousands of individuals and small business owners have sought help from the National Debt Helpline (NDH) and Small Business Debt Helpline (SBDH) as they struggle with financial issues during the current lockdowns. The two national not-for-profit organisations run free financial counselling…
Financial counsellors are delighted that common sense has prevailed, with the gambling industry announcing they will support a ban on the use of credit cards for gambling. The community would expect nothing less. The ball is now in the Government’s court, with the next step to introduce effective legislation, including…
Financial Counselling Australia (FCA) is calling for a buy now pay later video advertisement which features actor Rebel Wilson to be pulled. One scene depicts Ms Wilson sitting at a table speaking to a small child, saying “if credit cards and cash had a baby you could pay it over time without…
Don’t suffer alone. That’s the key message from the National Debt Helpline (NDH) and Small Business Debt Helpline (SBDH) to those who are financially affected by lockdowns in NSW and Victoria. The two national not-for-profit services run free financial counselling helplines and chat services, to help individuals and small businesses…
The peak bodies in the financial counselling sector are proud to announce their support for the Uluru Statement from the Heart. The Statement calls for a constitutionally enshrined First Nations Voice to Parliament, a Makarrata Commission to supervise a process of agreement-making between First Nations people and governments, and truth-telling…
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…