A joint submission from FCA and the State/Territory financial counseling agencies to a Senate Inquiry into the adequacy of Newstart adds yet more evidence to the need to “raise the rate”. Our submission [1] focuses on the devastating effects on people due to the inadequacy of Newstart. It also includes…
Financial Counselling Australia welcomes the decision by corporate regulator ASIC to appeal a recent Federal Court judgment that found Westpac was not required to consider the declared living expenses of more than 260,000 home loan borrowers. ASIC commissioner Sean Hughes said the regulator acted because the decision created uncertainty as…
One of Australia’s largest debt collectors – Lion Finance (a subsidiary of ASX-listed Collection House Ltd) – turns to bankruptcy procedures to collect consumer debts far more often than its rivals, according to a new report. Who is making Australians bankrupt? released today by Consumer Action Law Centre (Consumer Action),…
Financial Counselling Australia and the State and Territory financial counselling associations* join with thousands of Australians, business leaders and community groups in calling on the Government to “Raise the Rate”. Financial counsellors are playing their part in a national week of action asking the Federal Government to increase the level…
Financial Counselling Australia notes the release today of an ASIC consultation paper about whether it should use its new product intervention powers to rein in the lending practices of companies operating outside the credit laws. The answer is yes. And it can’t happen soon enough. Financial counsellors have been dealing…
The revised Telecommunications Consumer Protection (TCP) Code fails to adequately protect telco consumers, according to consumer groups. Despite consultation with the telco industry and regulator, consumer groups including ACCAN, Consumer Action Law Centre, WEstjustice, Financial Counselling Australia, Financial and Consumer Rights Council, Financial Rights Legal Centre, Money Mob, and…
While Financial Counselling Australia respects the recent decision by the High Court in ASIC v Kobelt we want to place on record our disappointment. We also want to commend ASIC in pursuing this important case and note that it reinforces the need for urgent law reform. ASIC had asked the…
FCA welcomes today’s announcement by Labor that, if elected, they will set up a Financial Rights Fund and that a large share of this fund will go toward doubling the number of community-based financial counsellors (from 500 FTE to 1,000 FTE). Financial counsellors provide advice and advocacy to people with…
A lot is being said and written about the final report of the Banking Royal Commission. We focus on three issues relevant to our work. The final report has a lot of helpful recommendations We endorse the comments made about the report by our colleagues in other consumer organisations: the…
Financial Counselling Australia has today released its annual report. This year’s report tells a story of why financial counselling is so important. Australia has one of the highest levels of household debt in the world, with an estimated 21% of households in financial stress and nearly 1 million households in…