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 ]
We recognise this is an extremely distressing and difficult time, and we know that COVID-19 is already affecting people experiencing vulnerability. As a result there is increasing demand for our services, and we are taking many measures to ensure continuity of services. However there may be factors outside our control that impact on our ability to answer our hotlines or [ More ]
A detailed resource for financial counsellors outlining your clients’ financial rights after a bushfire.