Media Release: Consumer Protections For High-Cost And Harmful Payday Loans And Consumer Leases Finally Pass Parliament
After a late-night Senate sitting, Consumer Advocacy groups across Australia are celebrating the passing through the Federal Parliament of long overdue reforms that will protect consumers from falling into payday loans and consumer lease debt traps. The Financial Sector Reform Bill 2022 has finally passed after 6 years of advocacy by the Stop the Debt […]
Media Release: ‘A Matter Of Urgency’: Community Sector Calls On Senate To Pass The Financial Sector Reform Bill Now
Community organisations that are part of the Stop the Debt Trap Alliance are urging the Senate not to further delay the Financial Sector Reform (FSR) Bill. The Bill needs to be passed as a matter of urgency in the remaining Parliamentary sitting days of 2022. Anglicare Australia, Consumer Action Law Centre, CHOICE, Financial Rights Legal […]
Media Release: Buy Now Pay Later Changes Must Go All The Way, Consumer Groups Say
Buy now pay later (BNPL) products must be fully regulated as credit to protect consumers and put all credit providers on a level playing field, a coalition of consumer groups has said. The group, including CHOICE, financial counselling associations and consumer legal centres, has made the call as Treasury releases a consultation paper setting out […]
Media Release: Let’s Pass The Finance Sector Reform Bill: The Stop The Debt Alliance Strongly Endorses Senate Committee Recommendation
The Stop the Debt Trap Alliance, a coalition of dozens of consume advocacy organisations from around Australia, including financial experts, community advocates and service providers has strongly endorsed a recommendation from the Senate Economics Legislation Committee that the Finance Sector Reform Bill 2022 (FSR Bill) be passed and called on it to happen as a matter of […]
Media Release: Harvey-Norman And Latitude Case Alleging Misleading ‘Interest-Free’ Credit Card Promotions Welcomed By Consumer Advocates
Consumer Action, Financial Rights Legal Centre and CHOICE have welcomed the Australian Securities and Investments Commission’s (ASIC) commencing legal action against Latitude Finance Australia and Harvey Norman Holdings for misleading interest free advertising in relation to credit cards promoted in Harvey Norman stores. Community lawyers and financial counsellors have assisted many clients struggling to pay […]
Media Release: Consumer And Social Service Groups Welcome Community Consultation On Removing Buy-Now-Pay-Later And Other Credit Loopholes
Key consumer and social service groups are welcoming the Federal Government’s announcement that the process of introducing better safeguards for buy now pay later (BNPL) and other credit products has now begun. This morning the Assistant Treasurer and Minister for Financial Services, Stephen Jones, has told participants at a conference that the consultation process has […]
Media Release: Government’s Commitment To Regulate Buy Now Pay Later Products Welcomed
Key consumer and community groups are welcoming comments by the new Minister for Financial Services, Stephen Jones, that the Government will move to regulate buy now pay later (BNPL). Minister Jones made the comments in The Guardian, saying, “let’s start working on regulating [them] within the credit space.” Financial Counselling Australia (FCA), CHOICE, Anglicare Australia, […]
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.
MEDIA RELEASE: Consumer advocates welcome recommendation for stricter controls of credit funded gambling online
Consumer advocates welcome recommendation for stricter controls of credit funded gambling online
MEDIA RELEASE: Government must go back to the drawing board on new Open Banking rules that undermine Australians’ privacy rights
Financial Rights Legal Centre is calling on the Australian Government to halt the introduction of new rules that will increase privacy and security risks for people when sharing their financial data. The government should rescind proposals to: allow the transfer of raw financial data and “insights” outside of the safeguards and protections of the Consumer […]