Lenders commit to improve credit card practices following ASIC review
Today ASIC has released Report 604 Credit card lending in Australia – An update (REP 604), which sets out the changes being made by lenders to help consumers with credit card debt. In July 2018, ASIC...
View ArticleFree online pathways to solve legal problems
The NSW Government has launched a free online legal service to help people overcome mortgage pressure and settle rates debts with local councils without the stress of court proceedings, Attorney...
View ArticleSystemic Insight Report: Sales Practices Driving Consumer Debt
The Systemic Insight “Sales Practices Driving Consumer Debt”, shares the Telecommunication Industry Ombudsman’s recommendations on how providers could improve their selling practices to reduce...
View ArticleConsumer advocates welcome ASIC intervention in Short Term Credit Market
Financial Rights Legal Centre (Financial Rights), Consumer Action Law Centre (Consumer Action) and Financial Counselling Australia (FCA) have welcomed the Australian Securities and Investment...
View ArticleCFA joins the Stop the Debt Trap Alliance
Consumers’ Federation of Australia has joined a group of financial experts, community advocates, and service providers determined to see stronger laws implemented to protect Australians from...
View ArticleCaution urged when engaging budget and debt management services
Consumers facing financial difficulties are urged to exercise caution when approached by budget and debt management companies that charge fees for their services. Complaints have been received by...
View ArticleConsumer groups say a self-regulatory code for Buy Now Pay Later lenders is...
Thirteen consumer groups have joined together to provide a submission on the draft Buy Now Pay Later Code of Practice (BNPL code), developed by the Australian Finance Industry Association (AFIA). While...
View ArticleHow to reduce your debt – Legal information bites by Queensland Legal Aid
In this short animated video, Legal Aid Queensland’s Paul Holmes, senior lawyer (consumer advocate), Civil Justice Services team talks about how to reduce your debt, particularly during COVID-19. In...
View ArticleYoung people facing debt tsunami as they borrow from their future to make...
New consumer data released today by the Consumer Policy Research Centre (CPRC) investigates the experience of consumers during the three months from May to July and raises serious alarms about the debt...
View ArticleAFCA Datacube updated with latest complaint statistics
The Australian Financial Complaints Authority (AFCA) has updated its online comparative reporting tool, the AFCA Datacube, to include information about all financial complaints lodged with it from 1...
View ArticleConsumer 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...
View ArticleYoung people wading in sea of debt as they bear the brunt of COVID-19
Consumer data released by the Consumer Policy Research Centre (CPRC) reveals a growing proportion of young Australians left vulnerable as they face a future of mounting debt due to the lasting impact...
View ArticleUp to 1.9 million Australians paid debt vultures in the last 12 months:...
According to a new report released yesterday by Consumer Action Law Centre, approximately 1.4 to 1.9 million Australians have paid for debt management or credit repair services in the last 12 months....
View ArticleCFA & ACCC Consumer Advocacy Showcase & Award Winners
On Monday 12 April, Consumers’ Federation Australia (CFA) and the Australian Competition & Consumer Commission (ACCC) co-hosted the Consumer Advocacy Showcase & Award, in the final online...
View ArticleConsumer advocates welcome recommendation for stricter controls of credit...
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...
View ArticleNew 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. This is a media release from...
View ArticleGlobal alliance calls for regulation of harmful buy now, pay later industry
CHOICE has joined consumer groups from 9 countries, including Consumers’ Federation of Australia (CFA), calling for urgent action on buy now, pay later (BNPL) credit providers as new data shows many...
View ArticleClik here to view.
How ‘bad credit’ lender Cigno has dodged ASIC’s grasp
Cigno is exactly the sort of business the Australian Securities and Investments Commission had in mind when it asked for stronger powers to ban the sale of harmful financial products. This is a news...
View ArticlePeople should get their money back quicker and more easily following new ASIC...
The Australian Securities and Investment Commission (ASIC) has today published updated and revised remediation guidance for financial firms with the goal of treating wronged customers fairer and...
View ArticleNew protections for Victorian water customers
The state’s economic regulator today released updated water industry standards, strengthening support and protections for Victorian consumers, particularly those facing financial difficulties. This is...
View Article
