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Consumer advocates welcome recommendation for stricter controls of credit funded gambling online

  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…

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Thousands turn to free financial counselling during latest lockdowns

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…

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Financial counsellors welcome bank and gambling industry commitments to ban the use of credit cards for gambling. Government now needs to act.

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…

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Financial counselling peak bodies endorse Uluru Statement

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…

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Consumer groups applaud Federal Court ruling to uphold ASIC intervention in short-term credit market

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…

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Court decision on Cigno lending model ‘extremely disappointing’

Today’s Federal Court decision that the lending model promoted by Cigno Pty Ltd did not breach the National Consumer Credit Protection Act (National Credit Act) is extremely  disappointing, and consumer advocates have urged the Australian Securities and Investments Commission (ASIC) to appeal the decision. Over recent years, community lawyers and financial counsellors have been inundated with…

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