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One step forward, two steps back: Banking Royal Commission reforms welcomed but deep concerns remain

Consumer groups* have strongly welcomed the introduction of a Bill today in Parliament to prevent hard-sell tactics for insurance and other financial products. The Bill introduces some of the 76 long-awaited reforms to strengthen Australian’s consumers rights recommended by the Banking Royal Commission. “These reforms target hard-sell tactics for insurance after heart-wrenching stories were uncovered by the Banking Royal Commission,” said Gerard Brody, CEO of…

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Financial counsellors welcome funding announcements

Financial Counselling Australia has welcomed two key announcements made last night as part of the Federal Budget. The first measure will secure the ongoing pay of financial counsellors employed by a number of financial counselling agencies and other community organisations. The Government will provide $132.6 million over three years to…

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Consumer groups slam move to remove responsible lending laws

  MEDIA STATEMENT FRIDAY 25 SEPTEMBER 2020 Consumer groups slam move to remove responsible lending laws Removing credit protections will cause harm to people and the economy  CHOICE, Consumer Action Law Centre, Financial Counselling Australia and Financial Rights Legal Centre have responded to the Government’s announcement that it will remove…

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Consumer groups welcome South Australian crackdown on predatory lenders

Media Release 16 September, 2020 Consumer groups welcome South Australian crackdown on predatory lenders Consumer groups have applauded the South Australian government’s plans to crackdown on payday lenders and consumer lease providers. The government’s proposed laws would introduce important consumer protections to help combat these high cost predatory lenders. “Taking this step during the COVID crisis is the…

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Consumer groups welcome NAB crackdown on debt vultures

Media Release 29 July, 2020 Consumer groups have welcomed a crackdown on debt vultures by National Australia Bank (NAB). In a statement today, NAB says it will no longer deal with unlicensed debt management providers. Consumer organisations commonly describe these businesses as “debt vultures” because of the harm they cause. Debt…

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Responsible lending law reform needed urgently

  Consumer groups are extremely disappointed in ASIC’s decision not to appeal the Full Federal Court’s decision in the Westpac case to the High Court of Australia.[1] The Financial Rights Legal Centre (Financial Rights), Consumer Action Law Centre (Consumer Action), CHOICE and Financial Counselling Australia (FCA) had supported the view,…

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