Banking and Finance - Consumer Action Law Centre

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...

Banking industry announcement a big first step in addressing scams

Consumer Action Law Centre has welcomed the scams safe accord announced by the Australian Banking Association (ABA) and Customer Owned Banking Association (COBA) which has involved, for the first time...

Federal Court Grants Injunction to Protect Pawned Goods in Class Action against Pawnbroker, Taylors Business

The Federal Court has granted an injunction against pawnbroker, Taylors Business Pty Ltd (ACN 107 445 723) (Taylors Business) in class action proceedings filed by Consumer Action Law Centre (Consumer...

REPORT: Our Impact 2022-23 fighting for a fairer marketplace especially for those needing help

We are delighted to publish our Impact Report 2022-23 which highlights our organisation’s achievements over the past year working for and with the people we help. Read about the many successes we h...

The National Legal Assistance Partnership Review

The community legal sector’s work would not be possible without stable, indexed NLAP funding. This is a critical part of specialist community legal centres’ (CLC) baseline resourcing, now and into the...

Personal insolvency discussion paper 2023

Consumer Action Law Centre provides financial counselling assistance and legal advice to people at all stages of the insolvency process. We regularly speak to people who end up in unnecessary and cost...

ASIC’s strong action against discredited loan-shark Cigno, BSF Solutions and its directors applauded

Consumer Action Law Centre and Financial Counselling Australia say they hope the Australian Securities and Investment Commission’s (ASIC) court action announced today against Cigno and BSF Solutions a...

In this cost-of-living crisis Telstra can do much better on hardship support

The vast majority of Telstra customers will pay $5 per month more on their internet bills following price increases announced this week. Consumer Action Law Centre CEO Stephanie Tonkin said a growi...

AFCA’s responsible lending approach consultation

This submission is made on behalf of: • Consumer Action Law Centre • Financial Rights Legal Centre • Consumer Credit Legal Service (CCLS) • Financial Counselling Australia. Supporting and rep...

Response to consultation paper 371 – Product intervention orders in credit

This is a joint submission made on behalf of Consumer Action Law Centre, Financial Rights Legal Centre, Financial Counselling Australia, Indigenous Consumer Assistance Network, WEstjustice, The Salvat...

Australian Banking Association application for authorisation AA1000645

Consumer Action, Financial Rights and CHOICE are calling on the banking industry to do more to prevent scams, as increasing losses are having a devastating impact on individuals and the Australian eco...

Financial services legislation inquiry – Interim Report C

Consumer Action Law Centre, Consumers' Federation of Australia and Financial Rights Legal Centre have provided feedback on the proposals in the Australian Law Reform Commission’s (ALRC) Interim Repor...

Complaints about financial firms to AFCA skyrocket as thousands of Australians left behind

The Australian Financial Complaints Authority (AFCA) has revealed that consumers in dispute with financial firms lodged a record 96,987 complaints in the past 12 months, an unprecedented rise of 34 pe...

Good news: Predatory lenders Cigno and BHF won’t escape justice

The success of the Australian Securities and Investment Commission (ASIC) in its Federal Court action against Cigno Pty Ltd (Cigno) and BHF Solutions Pty Ltd (BHF Solutions), is good news which we hop...

OPINION: Scammers raid Australians’ accounts while banks hands-off approach stings

Tania Clarke, Acting CEO Consumer Action Law Centre Last year bank customers in the UK experienced a 17% drop in scam losses while in Australia, bank customers experienced a 62% increase. Between...

Australian scam victims left behind as UK puts responsibility on banks to reimburse customers

In a world first, the UK Parliament this week passed legislation that will protect banking customers from the losses they experience as a direct result of being tricked by scammers. British banks a...

NAB customers on notice that using NAB bank accounts as a tool of financial abuse will not be tolerated

Consumer Action Acting CEO Tania Clarke has welcomed the announcement today by National Australia Bank (NAB) updating its terms and conditions (T&Cs) that puts NAB customers, who use NAB accounts...

AFCA Rules and Operational Guidelines – Proposed Amendments

Thank you for the opportunity to respond to the proposed amendments to the Australian Financial Complaints Authority’s (AFCA) complaint resolution scheme rules (Rules) and Operational Guidelines (Guid...

“Protect people from harm”: Consumer groups respond to BNPL reform announcement

Consumer groups and financial counsellors have said that the Government’s plans for regulation of the buy now, pay later (BNPL) sector announced today will need to include strong requirements for len...

New Anti-Scam centre funding welcomed but will it help Bill who lost $20,000?

Consumer Action CEO Stephanie Tonkin has welcomed the extra funding announced in the Federal Budget for the Anti-Scam Centre, saying it’s a first step in the right direction, but deep concerns remain...

AFCA’s approach to claims for non-financial loss

Consumer Action is responding to the proposed amendments to the Australian Financial Complaints Authority’s (AFCA) approach to non-financial loss claims (Amended Approach). We generally support the go...

Australia’s banks failing customers by placing all the burden of the scams crisis on them says damning ASIC report

Australia’s four major banks are failing their customers by taking a ‘variable and…less mature’ approach to scams than expected, with ‘inconsistent and narrow approaches to determining liability’ as w...

Only a Federal Government mandate forcing banks to reimburse customers will solve growing scams crisis says Consumer Action

Scammers are targeting Australians online with highly sophisticated scams, stealing $billions from ordinary families and businesses every year -and it’s getting worse! That’s the message from the Aust...

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