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Financial Rights Legal Centre In The Media
Media release: ASIC intervention in short term credit market applauded

Thursday, 12 September 2019 The Financial Rights Legal Centre (Financial Rights) has welcomed the Australian Securities and Investment Commission’s (ASIC’s) announcement that they will use their Product Intervention Power to address the short-term credit industry. The new product intervention power allows ASIC to intervene where financial and credit products have resulted in or are likely to result in, significant consumer [ More ]

Media release: Government must act to reform mortgage brokers duties, conflicted remuneration

The Financial Rights Legal Centre (Financial Rights) has welcomed the Australian Securities and Investment Commission’s (ASIC’s) consumer research into the mortgage broking sector that provides further evidence that the mortgage broking sector needs reform. The research – Looking for a mortgage: Consumer experiences and expectations in getting a home loan – found that consumers expected brokers to find them the [ More ]

Media release: Australia’s biggest bankrupters called out in new report by consumer advocates

Tuesday, August 13. One of Australia’s largest debt collectors – Lion Finance (a subsidiary of ASX-listed Collection House Ltd) – turns to bankruptcy procedures to collect consumer debts far more often than its rivals, according to a new report. Who is making Australians bankrupt? released today by Consumer Action Law Centre (Consumer Action), Financial Counselling Australia (FCA) and Financial Rights [ More ]

Media release: Time to implement Hayne-recommended law reform following responsible lending court decision 

Tuesday, 13 August 2019 The Financial Rights Legal Centre (Financial Rights) and Consumer Action Law Centre (Consumer Action) have called for the Government to amend responsible lending laws to ensure that lenders make reasonable inquiries and verify borrowers’ actual financial situation. This follows a decision by the Federal Court to dismiss Australian Securities and Investments Commission’s (ASIC’s) responsible lending case [ More ]

Media release: Proposed credit reporting arrangements won’t give consumers more confidence to apply for hardship, may harm small businesses

The Financial Rights Legal Centre (Financial Rights) has expressed concerns about the Government’s plans to amend the Privacy Act to allow financial hardship information to appear on customers’ credit reports. (1) The Attorney-General made the announcement today to support the Government’s intention to introduce mandatory comprehensive credit reporting. “These proposed changes to the Privacy Act will only discourage vulnerable customers [ More ]