Consumer advocates have welcomed a commitment from Australian banks to refund more than $93 million to low-income customers after charging excessive fees, but significant gaps in support remain, with one of the big four falling short. ASIC’s second bank-fee report, released today, details banks’ responses to excessive fees charged on…
Consumer advocates have condemned repeated failings by insurance companies after the General Insurance Code Governance Committee (CGC) imposed sanctions on AIG Australia Limited (AIGAL) for serious breaches of the General Insurance Code of Practice. This is the third financial sanction in 12 months imposed by the CGC on an insurer.…
Financial Counselling Australia welcomes the $100 million record penalty against Optus for unconscionable conduct. The penalty sends a strong message to the telecommunications industry: mis-selling to vulnerable customers will not be tolerated. For some time, financial counsellors have been raising the alarm about the harm caused by Optus’ mis-selling products…
Financial Counselling Australia welcomes the Fair Work Commission’s decision to increase the national minimum wage by 3.5% to $24.95 per hour. FCA co-CEO Peter Gartlan says financial counsellors regularly hear from workers who are struggling to cover basic living expenses. Since the start of the year, there have been more…
Financial counsellors have launched their federal election campaign - When every dollar counts, so does financial counselling – we can’t afford to wait. Financial Counselling Australia (FCA), along with all the state financial counselling associations, is calling for a commitment from all sides of politics to provide increased and…
Financial Counselling Australia (FCA) is reminding those who may be impacted by Cyclone Alfred, there is free financial counselling available. “Weather disasters can lead to unexpected financial problems, and some may find themselves in financial hardship,” said Louise Hayes, FCA’s National Coordinator of Disaster Recovery. “It’s important to know there…
There has been a 66% increase in the number of cases the Small Business Debt Helpline (SBDH) has dealt with over the past 12 months. In 2024 SBDH financial counsellors had 5,135 cases compared with 3,091 in 2023. Case numbers continue to grow with more than 400 cases in January…
There’s been a significant increase in the number of people reaching out to the National Debt Helpline (NDH) over the past year. During 2024 more than 169,000 people called in or used the online chat tool to seek help from financial counsellors - a 12% increase on 2023. Total visits…
Financial Counselling Australia (FCA) has welcomed the tabling of a parliamentary inquiry report into financial abuse and Australia's financial services regulatory framework. “It's a pivotal report and reflects so many of the measures that people affected by financial abuse, along with advocates, have been calling for over the last decade,”…