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…
Consumer advocates making up the Stop the Debt Trap coalition across Australia have welcomed the introduction of the Financial Sector Reform Bill 2022 which, among other things, enhances long overdue consumer protections for high-cost payday loans and consumer leases. A 2016 independent review of these types of high-cost credit arrangements recommended a…
Consumer groups have responded to the Quality of Advice Review’s proposal to dismantle core consumer protections Quotes attributable to Consumer Action Law Centre CEO Gerard Brody “One of the six principles coming out of the Financial Services Royal Commission was ‘when acting for another, act in the best interest of…
First step towards a resolution” Save Sorry Business Coalition welcomes initial response from government on Youpla/ACBF collapse Funeral Insurance, Media Release First Nations, Indigenous, Save Sorry Business, Youpla The Save Sorry Business Coalition, which is supported by 130 organisations and almost 20,000 individuals, welcomes today’s Government announcement for the…
MEDIA RELEASE New research shows that Buy Now Pay Later is not a free or low-cost option compared to traditional credit cards. New research from Curtin University, commissioned by Financial Counselling Australia, shows Buy NowPay Later (BNPL) fees are effectively a quasi-interest rate that can be more costly…