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 Data Right regime, and automatically [ More ]
The Senate Select Committee on Financial Technology and Regulatory Technology has published its Interim Report. Consumer groups say the Interim Report has missed the mark on its recommendation encouraging self-regulation in ‘innovative’ financial services. Among its findings the Committee recommends that the Australian Government establish a “…culture of innovation and competition in financial services by supporting self-regulation where innovative products emerge, [ More ]
Consumer Action Law Centre, Financial Rights Legal Centre and WEstjustice have made a submission to the corporate regulator urging a crackdown on junk insurance sales in car yards. The submission criticises delays in implementing proposed reforms and uses data and case studies to clearly demonstrate the harm people will continue to experience until the Australian Securities and Investments Commission (ASIC) intervenes in the sale of car yard junk insurance. “I find it disappointing that, despite Parliament’s explicit intention that ASIC use its product intervention powers to [ More ]
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 vultures target people concerned about bills, home repossession or the confusing credit reporting system. [ More ]
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, also enunciated by Commissioner Hayne in the Banking Royal Commission, that [ More ]
