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…
Consumer groups respond to the two year anniversary of the Hayne Banking Royal Commission Final Report’s public release “People expect tough action to be taken on the Banking Royal Commission recommendations. We commend the government on its work to date, including banning grandfathered commissions and the introduction of a…
A survey of Australia’s financial counsellors shows an overwhelming majority believe responsible lending laws should remain to prevent devastating consequences to people and the economy. The “Save Safe Lending” survey was conducted by Financial Counselling Australia (FCA) after the Federal Government announced plans to amend the National Consumer Credit Protection…
Like so many of us, Australia’s financial counsellors are happy to see the back of 2020 and are ready to welcome a new year. We’re also determined to start 2021 with consumer-driven New Year’s resolutions. These are our top five…
A new report by the Australian Banking Association (ABA) shows it’s time to immediately ban the use of credit cards for gambling. The ABA today released the results of its consultation process about the use of credit cards for gambling. A survey conducted to inform the report found that 81%…
Financial counsellors from across the country are dismayed that the Federal Government is pushing ahead with its plan to axe safe lending laws. This week the Government introduced a bill that amends the National Consumer Credit Protection Act 2009. If passed, it will remove responsible lending obligations for lenders, with…
Financial counsellors around Australia welcome today’s announcement by the ACCC that Telstra and the ACCC will be asking the Federal Court to impose a penalty of $50 million on the telco. The penalty relates to unconscionable conduct in its’ dealings with 108 Indigenous customers. Telstra has admitted it breached consumer law…
Financial Counselling Australia has welcomed the Federal Government’s response to last year’s review of the coordination and funding for financial counselling services across Australia. The review, called the Countervailing Power: Review of the coordination and funding for financial counselling services across Australia, made a series of recommendations to ensure the…