Financial counsellors from across Australia have today welcomed a new Westpac policy, which will see hardship customers offered the option of building a savings buffer. Some of Westpac’s customers will be able to reduce their home loan repayments, giving them some financial breathing space. The bank aims to work with…
What will it take before the telecommunications industry accepts that there are systemic problems with the way they sell and market their products? There is yet another example today, with the release by the Telecommunications Industry Ombudsman (TIO) of its latest systemic issues report. The report documents poor sales practices,…
Today’s $50 million fine against Telstra for unconscionable conduct sends a clear message to the industry that mis-selling will not be tolerated. The ACCC began investigating allegations of unconscionable conduct by Telstra after financial counsellors approached the regulator with 100 examples of Indigenous people from across the Northern Territory, South…
More than 650 people have registered for Financial Counselling Australia’s (FCA) annual conference, Monday May 17 – Friday May 21. Around 60 of these registrations are for the virtual ‘zoom me in’ version of the conference, which allows attendees to participate remotely via video streaming technology, while the remaining attendees will…
The National Debt Helpline has launched a campaign encouraging people in financial stress to contact a free and confidential financial counsellor. The launch of the campaign follows the end of the various financial support arrangements put in place by Government and industry during the pandemic. The JobKeeper and JobSeeker supplements…
A new report by Financial Counselling Australia clearly shows that the telecommunications industry must improve its response to customers who are experiencing financial hardship. The report, ‘Telcos and Financial Hardship: Feedback from the Frontline’, has two parts: A survey of financial counsellors Desk top research on other relevant studies and…
Financial Counselling Australia (FCA) is reminding individuals and small business owners who have been affected by the floods in NSW and Queensland that they have access to free financial counselling. “Financial counsellors play a vital role in helping people respond, rebuild and recover from natural disasters like flood,” said Helen…
Australia’s financial counsellors are pleading with crossbench Senators to block the Federal Government’s bill to axe responsible lending laws. The bill will amend the National Consumer Credit Protection Act 2009 by removing responsible lending obligations for lenders, with the exception of small amount credit contracts (SACCs) and consumer leases.
Consumer groups have united to call for Federal Government regulation of buy now pay later (BNPL) services to protect consumers and put all credit providers on a level playing field. Today the Australian Finance Industry Association released a self-regulatory code of conduct for BNPL providers. While it’s positive to…
Financial counsellors are disappointed with today’s decision by the Federal Government to only increase JobSeeker by $50 a fortnight. “This is well below what is needed. We support a permanent and reasonable increase to JobSeeker, Youth Allowance and other income support payments,” said the CEO of Financial Counselling Australia, Fiona…