Financial Counselling Australia welcomes the implementation of a ban on unsolicited telephone sales of life insurance and consumer credit insurance sold without personal advice. ASIC announced today that the ban will come into effect on January 13, 2020. In the experience of financial counsellors, who work with people in financial…
The updated Banking Code received authorisation yesterday from the Australian Competition and Consumer Commission (ACCC) and the ABA are now seeking final approval from the Australian Securities and Investment Commission (ASIC). The Banking Royal Commission identified the harm caused to low-income Australians by banking dishonour fees and informal overdrafts and…
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…
This Anti-Poverty Week, Financial Counselling Australia joins our colleagues in the community and business sectors calling on the government to Raise the Rate. This is a call we will continue to make, loudly and clearly. The low rate of Newstart is not an issue that will go away. Each and…
The Minister for Social Services, the Hon. Anne Ruston has today released the independent review of financial counselling services conducted by Louise Sylvan AM: The Countervailing Power: Review of the coordination and funding for financial counselling The Government commissioned the review in response to comments made by Commissioner Hayne in…
A joint submission from FCA and the State/Territory financial counseling agencies to a Senate Inquiry into the adequacy of Newstart adds yet more evidence to the need to “raise the rate”. Our submission [1] focuses on the devastating effects on people due to the inadequacy of Newstart. It also includes…
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…
One of Australia’s largest debt collectors – Lion Finance (a subsidiary of ASX-listed Collection House Ltd) – turns to bankruptcy procedures to collect consumer debts far more often than its rivals, according to a new report. Who is making Australians bankrupt? released today by Consumer Action Law Centre (Consumer Action),…
Financial Counselling Australia and the State and Territory financial counselling associations* join with thousands of Australians, business leaders and community groups in calling on the Government to “Raise the Rate”. Financial counsellors are playing their part in a national week of action asking the Federal Government to increase the level…
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…