Skip to content

ASIC calls time on disclosure

FCA welcomes the release today of ASIC’s ground breaking report Disclosure: Why it shouldn’t be the default. The report comprehensively explains why disclosure is such a weak form of consumer protection and in some cases, can even be harmful. The idea that consumers would read and understand lengthy and complex…

Read more

Financial Counselling Australia Welcomes ASIC Appeal In Westpac Case

Financial Counselling Australia welcomes the decision by corporate regulator ASIC to appeal a recent Federal Court judgment that found Westpac was not required to consider the declared living expenses of more than 260,000 home loan borrowers. ASIC commissioner Sean Hughes said the regulator acted because the decision created uncertainty as…

Read more

FCA responds to ASIC proposal to use its new product intervention powers to rein in unregulated payday lending – it can’t happen soon enough

Financial Counselling Australia notes the release today of an ASIC consultation paper about whether it should use its new product intervention powers to rein in the lending practices of companies operating outside the credit laws. The answer is yes.  And it can’t happen soon enough. Financial counsellors have been dealing…

Read more

Telecommunications Consumer Protection Code Inadequately Protects Consumers: Consumer Groups

The revised Telecommunications Consumer Protection (TCP) Code fails to adequately protect telco consumers, according to consumer groups.   Despite consultation with the telco industry and regulator, consumer groups including ACCAN, Consumer Action Law Centre, WEstjustice, Financial Counselling Australia, Financial and Consumer Rights Council, Financial Rights Legal Centre, Money Mob, and…

Read more

Statement from FCA re High Court decision in Kobelt

While Financial Counselling Australia respects the recent decision by the High Court in ASIC v Kobelt we want to place on record our disappointment. We also want to commend ASIC in pursuing this important case and note that it reinforces the need for urgent law reform. ASIC had asked the…

Read more
Search