Banking and Finance - Consumer Action Law Centre

Hard fought protections in new Banking Code better for consumers

The new Banking Code of Practice came into force on Friday the culmination of years of work to strengthen consumer protections said Stephanie Tonkin, CEO Consumer Action Law Centre. The Hayne Roy...

Buy Now Pay Later (BNPL) – Draft Regulations

The consumer sector has been calling for appropriate regulation of BNPL for several years and we are pleased that legislation will shortly come into force, providing some protection to customers, part...

Scams laws passing a relief, but victims to face an uphill battle for redress

Consumer advocates say the passing of the Scams Prevention Framework (SPF) fills a gaping hole in the law and in time should protect many Australians from falling victim to the scourge of scams. But t...

The Banking Code Compliance Committee’s priorities for 2025-26

Consumer Action Law Centre strongly supports the Banking Code Compliance Committee (BCCC) examining Code compliance through Bank@Post closely. We frequently hear anecdotal issues with accessing bankin...

Straightforward compensation would put victims at the heart of the new Scams Bill

Consumer organisations fighting to ensure Australians are protected under the Scams Prevention Framework Bill will provide evidence today at a crucial Senate Economics Legislation Committee hearing....

Submission: Scams Prevention Framework Bill 2024

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Consumer groups welcome passing of buy now, pay later regulations

Key loophole in credit laws will be closed Consumer groups have welcomed the passing of the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 (BNPL Bill) through...

Concerning the ABA’s application to remove conditions from basic bank account conduct

Our response to the Australian Competition and Consumer Commission on this issue is supported by the Financial Rights Legal Centre and CHOICE. We are interested parties in the application by the Au...

Government’s Scams Prevention Framework only goes halfway – we need a presumption of reimbursement say consumer advocates

A broad coalition of consumer advocates is calling for the Albanese Government to make one fundamental change to the proposed Scams Prevention Framework (SPF) and put reimbursement at its core, warnin...

Submission: Scams Prevention Framework – exposure draft legislation

This is a joint submission made on behalf of: • Consumer Action Law Centre • CHOICE • The Australian Communications Consumer Action Network • Financial Rights Legal Centre • Super Consumers Austr...

SCAMS Opinion: Let’s leapfrog other jurisdictions with a uniquely Australian reimbursement model

First published on News.com.au 7 October, 2024 By Stephanie Tonkin, CEO Consumer Action Law Centre Today in the UK, new laws have commenced that require banks to repay their customers’ scams los...

Consumer safeguards must be front and centre of new scams framework say consumer advocates

Consumer Action Law Centre, CHOICE, the Australian Communications Consumer Action Network (ACCAN) and Super Consumers Australia, have welcomed the announcement from the Albanese Government of a consul...

Update on the Class Action against Pawnbroker, Taylors Business Pty Ltd, located in Delahey, Victoria

Consumer Action Law Centre (Consumer Action) is conducting a class action against Taylors Business Pty Ltd (ACN 107 445 723), located in Delahey, Victoria. What are the legal claims and orders soug...

REPORT: One year on and ASIC report again reveals banks shirking responsibility when customers have been scammed

A new report published today from the Australian Securities and Investments Commission (ASIC) reveals a “shameful neglect of thousands of banking customers who have been scammed through no fault of th...

AFCA scam complaints ‘off the charts’ while banks fail to reimburse customers

The Australian Financial Complaints Authority (AFCA) received a record number of complaints in 2023-24 after disputes to the ombudsman service increased 9 per cent to more than 105,000 for the year. C...

Money Yarns, Stronger Futures: New Report Highlights Financial Challenges for First Nations People

The Consumer Action Law Centre has today released a groundbreaking report titled Money Yarns, Stronger Futures. The report amplifies the voices of First Nations people, sharing their personal experien...

ASICs ‘Better banking’ project will help First Nations customers -Remaining banks need to do better to reduce fee-harm-

Consumer Action Law Centre congratulates the Australian Securities and Investment Commission’s (ASIC) Indigenous Outreach Program team on the success of their Better banking for Indigenous consumers...

POLLING: Big majority of Australians say banks should do their job and take responsibility for keeping our money safe

Banks victim-shaming approach ‘immoral’- Tonkin New polling by Essential Media is unequivocal: the vast majority (75%) of Australians expect banks to keep their money safe from criminal scammers, a...

Services Australia: Centrepay Reform Discussion Paper

This submission to Services Australia is prepared by the Consumer Action Law Centre based on our casework experience. The primary issues we identify in our client files for Centrepay customers are:...

Consumer groups welcome reforms addressing harms caused by a bankruptcy system not fit for purpose

Consumer advocates have been calling for urgent reform for some time and last year outlined key pressure points during a round-table discussion organised by the Federal Attorney General, Mark Dreyfus...

Consumer Action and CHOICE chosen as designated complainants

The Albanese Government has announced today that Consumer Action Law Centre has been chosen as a designated complainant. This means that Consumer Action, with fellow consumer advocate CHOICE, and the...

Consumer advocates welcome revised Banking Code of Practice with incremental improvements noted

Consumer advocates are welcoming the revised Banking Code of Practice (the Banking Code) announced today which includes some incremental improvements to consumer protections. Consumer Action Law Ce...

Independent Review: Initial Consultation Paper, April 2024

Financial Rights Legal Centre has drafted this submission on behalf of the Consumers Federation of Australia. The following organisations have contributed and are signatories to this submission: •...

Consumer groups welcome new laws regulating Buy Now, Pay Later as credit but some concerns remain

New laws regulating Buy Now, Pay Later (BNPL) have been announced today. Consumer groups respond as follows: Quotes attributable to Stephanie Tonkin, CEO of Consumer Action Law Centre “We welcom...

OPINION: The victims of scams should not have to pay

First published in today's Herald Sun, by Stephanie Tonkin, CEO Consumer Action Law Centre I speak to the victims of scams every week and their stories leave me shaken and sad. Often, what’s stolen...

Fed Court decision final ‘nail in the coffin’ for predatory lenders Cigno Australia Pty Ltd and BSF Solutions Pty Ltd

Consumer Action Law Centre is delighted the Federal Court has issued a strong decision that calls out Cigno Australia Pty Ltd, BSF Solutions Pty Ltd and two of the entities’ directors for exploiting l...

Mandatory codes for scams will work if the Govt can push banks, telcos and big tech companies to lift their game say consumer advocates

Consumer advocates have welcomed the Albanese Government’s plan to set up the legislative framework and push to make the banks, telcos, and digital platforms lift their game to stop scams. The m...

Lenders’ handling of customers’ hardship inadequate, as requests for help soar

The Australian Securities and Investment Commission (ASIC) has released a new report today, that outlines findings from a review of 10 large home lenders and concludes they should be doing much more t...

ACCC scam report reveals Australians bearing the losses of a ‘scamdemic’ in a cost-of-living crisis

The huge cost of scams on Australian families in a cost-of-living crisis, is placing an unacceptable burden on a community already doing it tough. That’s the bleak reality of the figures in the Austra...

Buy now pay later exposure draft materials

Our organisations have long advocated for Buy-now-pay-later (BNPL) to be regulated as a credit product under the National Consumer Credit Protection Act 2009 (NCCPA), and so we welcome the major step...

Telemarketing and doorknocking ban under the Victorian Energy Upgrades program

Consumer Action reaffirms our strong support of the implementation of this ban on both telemarketing and door to door sales as an important step in addressing the consumer harm that unsolicited sales...

Fighting SMS Scams – What type of SMS sender ID registry should be introduced in Australia?

The Australian Communications Consumer Network's (ACCAN) submission has been informed by feedback from consumer and community organisations who regularly assist consumers affected by scams and other d...

OPINION: Slam the legal door on scams

By Stephanie Tonkin, CEO Consumer Action Law Centre (published in the Herald Sun, 18 March 2024) Last week, Scamwatch, our national body fighting scams and part of the Australian Competition and Co...

Regulation of Buy Now, Pay Later a step closer, but concerns remain over details

Consumer groups have responded to draft Buy Now, Pay Later legislation (BNPL) released today : Quotes attributable to Stephanie Tonkin, CEO of Consumer Action Law Centre “We welcome regulating Buy...

Inquiry into the Competition and Consumer Amendment (Fair Go for Consumers and Small Business) Bill 2024

We are strongly supportive of a designated complaints function as an important addition to the regulatory landscape in Australia, reflecting the value of intelligence and quality of decision making in...

‘Honeypot’ Australia lagging far behind as nations take action on scams

Inaction on scams is creating a ‘perfect storm’ for people living in Australia already under siege in a cost-of-living crisis, exposing the country’s vulnerable banking and communications infrastructu...

Senate Select Committee on supermarket prices

Our submission to the Senate Select Committee on supermarket prices aims to provide insight into the broader context and impacts of rising costs of living for Australians. Rising costs and poor ind...

Scam victims head to Canberra to tell politicians why banks should be incentivised to stop scams

Tim Watkins, Sarah Gerendasi, James Green, and Nina Merrilees were robbed of thousands of dollars by scammers. They are travelling to Canberra today to share their stories at the launch of the new Par...

Response to the Review of Financial Wellbeing and Capability programs

This is our response to the Department of Social Services’ (DSS) review of the Financial Wellbeing and Capability (FWC) programs. This submission responds to select questions throughout the discussion...

Advocates set out crystal-clear path to reimbursement to prevent the billions being lost by Australians to scams

A coalition of advocacy groups, including Consumer Action Law Centre, CHOICE and the Australian Communications Consumer Action Network, have come out forcefully stating that customer reimbursement, pa...

Scams – Mandatory Industry Codes Consultation Paper

Consumer Action Law Centre, CHOICE and the Australian Communications Consumer Action Network have been conducting regular roundtables with scams victims and consumer organisations, to develop our resp...

ASIC Consultation Paper 373 – Banking Code of Practice

Our submission provides feedback on the Australian Banking Association’s (ABA) updated Banking Code of Practice (Code). This is a joint submission made on behalf of: Consumer Action Law Centre...

Regulating Digital Asset Platforms: Crypto

Through our frontline services, we see widespread harm in the crypto market, and the urgent need for intervention. In this submission, we are responding to Treasury’s proposal paper Regulating Digi...

Inquiry into insurers’ responses to 2022 major floods claims

Consumer Action Law Centre has responded to the Federal Parliament's Standing Committee on Economics inquiry into insurers' responses to the major flood claims arising from 2022’s ‘disaster year’ with...

Scams: Mandatory regulation outline promising but more clarity needed on standards and consumers’ rights to reimbursement

The mandatory Code for Scams consultation paper announced by the Federal Treasury today sets out some proposals to tackle the scams crisis, however the final regulation must land on clearer stipulated...

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