Australia’s banks will have to commit to strict enforcement and strong resourcing for the new Code of Banking Practice, if the Code is to achieve real change in the industry, say consumer advocates. The Australian Securities & Investments Commission approved the revised Code of Banking Practice on Tuesday. Consumer advocates said that while the new Code includes some enhancements, banks [ More ]
Joint Media Release: Consumer Groups warn banks’ plan to protect vulnerable customers will fail Consumer groups have today criticised a plan by the four major banks to not include customers who have reached agreement on hardship arrangements with their bank under the new mandatory Comprehensive Credit Regime. “The ABA say that banks intend to protect vulnerable customers from being unfairly treated [ More ]
MEDIA RELEASE Consumer Groups Strongly Disagree with OAIC Credit Reporting Guidance The Office of the Australian Information Commissioner (OAIC) has today published Guidance on its website about how lenders should treat Repayment History Information (RHI) for customers that are experiencing financial hardship. RHI is information about whether repayments on loans and credit cards are made on time. Proposed laws will [ More ]
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 ]
