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…
FCA welcomes today’s news that the Senate will be holding an inquiry into businesses that target people in financial difficulty, often causing harm in the process. Financial counsellors have long been calling for stronger regulation of payday lenders and rent to buy companies. The Government promised stronger regulation of this…
The Consumer Action Law Centre, Financial Counselling Australia and CHOICE have responded to the news of ASIC Deputy Chair Peter Kell’s resignation by calling for the Government to ensure that he is replaced by a person with a similar strong consumer protection background. The Treasurer has today announced that Mr…
For the first time ever, a Federal Court judgment has allowed for a ‘payment for financial counselling’ to support people receiving funds from a court ordered case settlement fund. The money is going to ICAN who will account for it. This sets a precedent for financial counselling agencies to be explicitly recognised in court ordered…
Financial Counselling Australia has today released its report Double Punishment, documenting the experiences of financial counsellors and other experts who work with people in prison. Prisoners don’t just do "the time". They are punished over and over again financially. When it comes to managing debts, the system makes it almost…