MEDIA RELEASE MONDAY 2 MARCH Banking Royal Commission reforms: “Pivotal moment in implementing Hayne’s vision” Consumer advocates comment on draft legislation that responds to over a quarter of Banking Royal Commission…
Financial Counselling Australia welcomes NAB’s announcement that it has become the first Australian bank to allow customers to block gambling transactions through their banking app. “We congratulate NAB on this move, which makes it much easier for their customers to control their gambling. Gambling has a lot of stigma and…
Financial Counselling Australia welcomes today’s announcement from the Federal Government of $10 million to expand financial counselling services as part of an extra $50 million bushfire assistance package. Financial counselling is a vital response to natural disasters in the immediate and longer term. The sooner people get support, the quicker…
Financial Counselling Australia welcomes the federal government’s announcement of $15 million to provide 60 new rural financial counselling jobs. The $15 million is part of a $100 million grant program to rebuild the nation’s farms, which have been devastated by the months’ long bushfires. The new rural financial counsellors will…
As a community we are rallying to help the many thousands of people around the country affected by the bushfires. The financial counselling sector is ready to play its part as well. The people affected by the bushfires are going to find themselves struggling with money and debt issues –…
Funding extension for 12 months is welcomed, but a longer-term response is needed 16th December 2019 This is FCA’s response to today’s announcement in the Mid-Year Economic and Fiscal Outlook (MYEFO) that the Government: “will provide $10.2 million in 2020-21 to extend the Money Support Hubs, Microfinance program (comprising of Microfinance, No Interest Loans…
Financial Counselling Australia welcomes the implementation of a ban on unsolicited telephone sales of life insurance and consumer credit insurance sold without personal advice. ASIC announced today that the ban will come into effect on January 13, 2020. In the experience of financial counsellors, who work with people in financial…
The updated Banking Code received authorisation yesterday from the Australian Competition and Consumer Commission (ACCC) and the ABA are now seeking final approval from the Australian Securities and Investment Commission (ASIC). The Banking Royal Commission identified the harm caused to low-income Australians by banking dishonour fees and informal overdrafts and…
FCA welcomes the release today of ASIC’s ground breaking report Disclosure: Why it shouldn’t be the default. The report comprehensively explains why disclosure is such a weak form of consumer protection and in some cases, can even be harmful. The idea that consumers would read and understand lengthy and complex…