It’s never been easier to get into debt. And it’s not just those on low incomes struggling to make ends meet – increasingly working people with good incomes are turning to high cost lenders for short term, fast loans. These lenders – most of which offer instant loans online – are making fat profits off people’s desire to have something [ More ]
Turnbull Government proposals to mandate ‘comprehensive credit reporting’ (CCR) will have negative consequences unless changes are made, according to Consumer Action Law Centre and Financial Rights Legal Centre. Prior to CCR, the only information on credit reports was ‘negative’ information, such as information about defaults on credit contracts, legal judgments and bankruptcy. With CCR, there will be much more information [ More ]
Financial Rights has today called on the general insurance industry to introduce a set of best practice standards for insurance investigations in its Code of Practice. This follows the release of the report titled Investigation of Claims and Outsourced Services by the insurance industry’s independent monitor – the General Insurance Code Governance Committee (CGC). The CGC Report found that: when [ More ]
The Australian Banker’s Association (ABA) response to the Independent Review of the Code of Banking Practice (Khoury Review) is a positive start, but consumer advocates say there are some missed opportunities for the banking industry. Advocates say improving responsible lending assessments and making it easier to cancel credit cards will help Australians have a better experience with their banks. Those [ More ]
Consumer advocates issue major warning as ASIC extends regulatory holiday to businesses selling loans and general insurance. CHOICE and Financial Rights Legal Centre are warning that the Australian Securities and Investments Commission (ASIC)’s decision to wind back consumer protections as part of an attempt to foster innovation in the finance sector will leave consumers at risk. With just two weeks [ More ]
