A coalition of consumer advocacy groups is calling on the Federal Government to urgently implement much-needed reforms to the insurance industry as recommended by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). “These reforms must be implemented without delay as they will make a positive difference in the lives of millions of Australians [ More ]
Today the Federal Court has dismissed an application by predatory lender Cigno to overturn the financial regulator’s ban on its exploitative lending model. The Australian Securities and Investments Commission (ASIC) took swift action in September 2019 using its new product intervention powers to shut down the high cost lending model, which was causing widespread detriment in the community. Consumer groups have [ More ]
Consumer groups welcome the announcement by the Australian Banking Association (ABA) that bank customers applying for payment deferrals as a result of the COVID-19 pandemic will not have a missed payment or hardship flag appear on their credit file. Importantly, this approach will apply across the board to all consumer debt, including mortgages, personal loans and credit cards. Consumer advocacy organisations and banks [ More ]
Consumer Credit Legal Service (WA), CHOICE, Consumer Action Law Centre, Financial Counselling Australia, Financial Rights Legal Centre and Super Consumers Australia have today published policy submissions that respond to 22 of the Royal Commission’s 76 recommendations. Full consumer group submissions available on Dropbox here: https://shwca.se/BankRCSubsMar2020 After the shocking scandals of the Royal Commission, consumer groups are supportive of the Treasurer [ More ]
Today the Government passed the first omnibus bill in the wake of the Banking Royal Commission, which consumer advocates say will help address long-standing problems with unfair insurance contracts, funeral expenses policies and mortgage broking. The Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures) Act 2019 will address recommendations 4.7, 1.2 and 4.2 from the Final Report of [ More ]
