FCA welcomes tough stance by ACMA on unlawful spamming by Sportsbet
MEDIA RELEASE FCA welcomes tough stance by ACMA on unlawful spamming by Sportsbet Financial counsellors applaud the Australian Communications and Media Authority (ACMA) for imposing the largest penalty ever given a fine of $2.5 million on Sportsbet. The betting company will also refund customers $1.2 million after an extensive ACMA…
Another fin-tech preying on the vulnerable – this time with rental payments
MEDIA RELEASE Another fin-tech preying on the vulnerable – this time with rental payments Financial Counselling Australia (FCA) says a new product for home renters is yet another alarming example of a fintech company taking advantage of loopholes in the credit laws. “A company called Tenanting is offering a product…
Time to finally end the harm done by Cigno loans
Consumer groups and financial counsellors are urging the Australian Securities and Investments Commission (ASIC) to act now to put an end to the use of harmful lending models used to charge excessive fees on top of short-term loans. For over four years, fringe lender Cigno has signed people up to…
Australian consumer groups warn UK Government against industry “self-regulation” of Buy Now Pay Later
Media Release Wednesday, 19 January 2022 Australian consumer groups warn UK Government against industry “self-regulation” of Buy Now Pay Later Financial Counselling Australia and the Consumer Action Law Centre have shared Australia’s experience of weak consumer safeguards for Buy Now Pay Later (BNPL), as part of the UK Government’s consultation…
Financial Counselling Australia welcomes continued funding for small business financial counselling
Financial Counselling Australia (FCA) welcomes the Federal Government’s announcement of continued funding for the Small Business Debt Helpline until the end of 2022. The Small Business Debt Helpline is a free service for small busines owners in financial difficulty. Staffed by specialist small business financial counsellors, the Helpline provides…
New report shows buy now pay later debt is causing significant financial stress
A new survey of financial counsellors about the impact of buy now pay later (BNPL) on their clients is a wake up call to the community about this new form of debt. The report’s title says it all: It’s credit, it causes harm and we need safeguards. The report was…
Consumer advocates welcome recommendation for stricter controls of credit funded gambling online
Financial Counselling Australia (FCA), Financial Rights Legal Centre and the Consumer Action Law Centre welcome the Parliamentary Joint Committee on Corporations and Financial Services’ recommendation for legislation to prohibit online gambling operators from accepting credit card funded deposits. Yesterday the Committee released its report, which recommended that gambling companies be…