Milestone budget for financial counsellors
Media Release 30 March 2022 Milestone budget for financial counsellors Financial counsellors have welcomed a multi-million-dollar funding commitment to the sector announced in the Federal Budget last night that recognises the vital role financial counsellors play in helping people. “This is a milestone budget for the financial counselling sector,”…
Inquiry Into Buy-Now-Pay-Later (BNPL) Providers
Media Release Embargoed till 1am Tuesday 29th March US Government urged NOT to follow Australia’s lead with self-regulation of buy now pay later products Australian consumer groups have warned the USA’s chief consumer regulator, the Consumer Financial Protection Bureau (CFPB), about major flaws in the self-regulation of buy now pay…
FCA welcomes tough stance by ACMA on unlawful spamming by Sportsbet
MEDIA RELEASE FCA welcomes tough stance by ACMA on unlawful spamming by Sportsbet Financial counsellors applaud the Australian Communications and Media Authority (ACMA) for imposing the largest penalty ever given a fine of $2.5 million on Sportsbet. The betting company will also refund customers $1.2 million after an extensive ACMA…
Another fin-tech preying on the vulnerable – this time with rental payments
MEDIA RELEASE Another fin-tech preying on the vulnerable – this time with rental payments Financial Counselling Australia (FCA) says a new product for home renters is yet another alarming example of a fintech company taking advantage of loopholes in the credit laws. “A company called Tenanting is offering a product…
Time to finally end the harm done by Cigno loans
Consumer groups and financial counsellors are urging the Australian Securities and Investments Commission (ASIC) to act now to put an end to the use of harmful lending models used to charge excessive fees on top of short-term loans. For over four years, fringe lender Cigno has signed people up to…
Australian consumer groups warn UK Government against industry “self-regulation” of Buy Now Pay Later
Media Release Wednesday, 19 January 2022 Australian consumer groups warn UK Government against industry “self-regulation” of Buy Now Pay Later Financial Counselling Australia and the Consumer Action Law Centre have shared Australia’s experience of weak consumer safeguards for Buy Now Pay Later (BNPL), as part of the UK Government’s consultation…