MEDIA RELEASE THURSDAY, FEBRUARY 16, 2023 In submissions released publicly by the Treasury today, major banks, industry associations, regulators and consumer advocates are unified in calling for an end to lending loopholes allowing buy now, pay later providers to avoid safe lending laws. Groups who made submissions calling for the…
Consumer advocates have welcomed the dismissal by the High Court of a special leave application by Cigno Pty Ltd (Cigno) and BHF Solutions Pty Ltd (BHFS) against the Full Federal Court’s finding in enforcement proceedings brought by the corporate regulator, the Australian Securities and Investments Commission (ASIC). Cigno and BHFS…
Buy Now, Pay Later (BNPL) late fees and charges would be capped, and providers would be licensed and banned from making unsolicited offers of credit, under recommendations for proper regulation of the sector proposed by a coalition of 15 consumer and legal groups. They are three of a raft of…
Consumer advocates are calling for Australian banks to maintain and enhance robust consumer protections, following an independent review of the Banking Code of Practice (the Banking Code). The Australian Banking Association (ABA) has published its response to the 2021 Independent Review of the Banking Code of Practice today, authored by…
After a late-night Senate sitting, Consumer Advocacy groups across Australia are celebrating the passing through the Federal Parliament of long overdue reforms that will protect consumers from falling into payday loans and consumer lease debt traps. The Financial Sector Reform Bill 2022 has finally passed after 6 years of…
New data from Youpla/ACBF liquidators, SV Partners, has revealed a 300 per cent increase in the number of policy cancellations during the period when Youpla was being removed from the Federal Government’s Centrepay program (2015 to 2017). The Banking Royal Commission heard around 6000 people had their policies cancelled due…
Community organisations that are part of the Stop the Debt Trap Alliance are urging the Senate not to further delay the Financial Sector Reform (FSR) Bill. The Bill needs to be passed as a matter of urgency in the remaining Parliamentary sitting days of 2022. Anglicare Australia, Consumer Action Law…
Buy now pay later (BNPL) products must be fully regulated as credit to protect consumers and put all credit providers on a level playing field, a coalition of consumer groups has said. The group, including CHOICE, financial counselling associations and consumer legal centres, has made the call as Treasury releases…
The Stop the Debt Trap Alliance, a coalition of dozens of consume advocacy organisations from around Australia, including financial experts, community advocates and service providers has strongly endorsed a recommendation from the Senate Economics Legislation Committee that the Finance Sector Reform Bill 2022 (FSR Bill) be passed and called on…
Financial Counselling Australia (FCA) has welcomed the Government’s announcement of $15 million of funding for free financial counselling and mental health support for small business in the upcoming federal Budget. The Government has pledged $4 million for the Small Business Debt Helpline (SBDH), administered by FCA, and $10.9 million for…