Customer-owned banks must prove they put people before profits
Consumer groups have welcomed the Independent Review of the Customer Owned Banking Code of Practice, saying it contains important reforms for customers experiencing financial hardship, family violence, financial abuse and vulnerability. The reforms come at a time when financial stress remains widespread. Around one in four Australian households have experienced a cash-flow problem in the […]
Scams Awareness Week 2026: resources and tips
In recognition of Scams Awareness Week 2026 we wanted to point out some of the scams resources we have on our website and point visitors to the National Anti-Scam Centre who is calling for people to ‘Stop. Check. Protect.’ before clicking, sharing or paying online. Scams are dynamic and use tricks, technology, counterfeit connection and […]
Changes to CSLR a poor outcome for innocent victims
The Compensation Scheme of Last Resort (CSLR) was established to ensure people aren’t left with anything when a financial firm goes bust. Financial Rights Legal Centre is disappointed that reforms to the CSLR announced yesterday will reduce payments to victims. By limiting the payment to only initial losses the scheme now operates such that people […]
One-sided attempts at consumer protection are not good enough, say consumer groups. The ACCC agrees.
Financial Rights plays an important role holding businesses and governments to account for both their treatment of customers, as well as their action and inaction where harms are occurring. In the last week, two important decisions have been made that go to the heart of whether business is able to set effective benchmarks for themselves […]
ACCC’s low or no-fee account ruling a boost for thousands of Aussies doing it tough
Consumer advocates say the Australian Competition and Consumer Commission’s (ACCC) landmark determination requiring banks to proactively move eligible customers into low or no-fee accounts unless they choose to opt out, is a major win that will help thousands of Aussies in the cost-of-living crisis. “This is a common-sense decision that will put money back into the […]
ASIC report shows urgent need for mandatory service standards
ASIC report shows urgent need for mandatory service standards as death benefits handling times improve only 3% ASIC’s follow-up review into superannuation death benefit claims handling shows only a 3% whole of industry improvement in the number of claims that took 6 months or less to process (ASIC REP 831). While most super funds have […]
Strengthening financial wellbeing in Australia
Financial Rights has joined Ecstra Foundation’s shared call for Australia to commit to a National Financial Wellbeing and Capability Strategy, with a growing number of prominent supporters signing on. Financial wellbeing underpins everyday life – shaping mental, physical and social health, as well as long term security and economic participation. Across education, industry, research, consumer […]
Rogue lender Cigno and directors fined $7 million at Federal Court
Consumer advocates have welcomed the decision by the Federal Court to fine Cigno Australia and its director Mark Swanepoel, and BSF Solutions and its director Brenton Harrison a combined penalty of $7 million for engaging in credit activity without a licence and charging prohibited fees. “Congratulations to the Australian Securities and Investment Commission (ASIC) for taking bold regulatory […]
“Landmark laws”: Consumer groups welcome unfair trading prohibition
17 leading consumer groups have today welcomed the introduction of an Unfair Trading Prohibition to the Federal Parliament. Consumer Policy Research Centre (CPRC) CEO, Erin Turner: “A ban on unfair business practices has been a missing part of our Australian consumer law for a long time. It’s shocking that businesses have been able to treat […]
Wrong direction: Australians robbed of $2.2 billion in 2025 by scam-crime
More than $10 billion has been stolen in scams from Australians since 2020 – a deeply troubling statistic as victims continue to carry 95% of the losses, and 30% or more of victims don’t report their losses. “Despite laws passing over a year ago, and pages of initiatives and awareness raising outlined in the Targeting Scams report, scams losses haven’t plateaued – they’re headed in the wrong […]