Protecting guarantors from financial abuse

In our feedback to the Banking Code Compliance Committee (BCCC) inquiry into banks’ compliance when accepting and enforcing guarantees, Consumer Action discusses our concerns with guarantee provision...

August 19, 2019

Opening statement: Public hearing on ASIC’s responsible lending guidance

The following is the opening statement from Consumer Action CEO, Gerard Brody at the public hearing on ASIC’s responsible lending guidance held in Melbourne on Monday, 19 August 2019.   I’m G...

August 19, 2019

Who is making Australians bankrupt?

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, a...

August 13, 2019

Time to implement Hayne recommended law reform following court decision

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 reaso...

August 13, 2019

ASIC Consultation Paper 313: Product intervention power

We welcome the introduction of the product intervention power (PIP) and look forward to ASIC using the power to target businesses that cause consumer detriment by engaging in predatory conduct or fail...

August 8, 2019

Regulator slams ‘junk insurance’ sold by banks as Aussies demand over $2 million in refunds

The Australian Securities and Investments Commission (ASIC) report released today confirms that consumer credit insurance, commonly tacked on when taking out a loan or credit card, is junk.  This news...

July 11, 2019

Comment on the ACCC’s authorisation of amendments to the 2019 Banking Code of Practice

Consumer Action Law Centre (Consumer Action), the Financial Rights Legal Centre (Financial Rights) and Financial Counselling Australia (FCA) have provided comment on the Australian Banking Association...

June 25, 2019

The banking and finance sector needs to play by the rules and put their customers first

In the wake of the widespread misconduct illustrated at the Banking Royal Commission, all players within the banking and finance sector need to play by the rules and put their customers first regardle...

April 23, 2019

ANZ defends 30-year loan to scam victim aged 71

ANZ Bank has defended giving a 30-year loan to a 71-year-old scam victim in testimony to the Banking Royal Commission. In response to Mr Robert Regan’s (Full witness statement now available at the...

March 19, 2018

Joint Consumer Representative Submission to the Australian Bankers’ Association Inc Independent Review of the Code of Banking Practice 2016

Click here to read the Joint Consumer Representative Submission to the Australian Bankers’ Association Inc Independent Review of the Code of Banking Practice 2016 [pdf]....

September 16, 2016

Unfair bank fees live another day. Now time for law reform: Consumer Action and CHOICE

The law must be changed to restore fairness in bank fees according Consumer Action Law Centre and CHOICE. Following the High Court’s decision today which allows banks to continue charging exorbitan...

July 27, 2016

Bank West to stop charging a fee for cancelling a direct debit payment

Earlier this year consumer advocates got wind that that Bank West was charging a $15 fee for cancelling a direct debit payment. So we looked around and couldn’t find a single other bank or mutual that...

October 9, 2014

Submission: Financial System Inquiry – Improving Consumer Disclosure

The Financial System Inquiry Interim Report notes that the current disclosure regime for retail financial products and services is not always effective in meeting its objective. It produces complex an...

September 16, 2014

Federal Court finds ANZ late fees were penalty charges

The Federal Court has ruled that ANZ’s credit card late fees were penalty charges rather than a cost recovery measure.  This is significant because, while businesses can recover the costs of late paym...

February 14, 2014

Media release: The numbers show Consumer Credit Insurance is a poor deal for consumers

New figures from the Australian Prudential Regulation Authority show Australians spent $330 million on Consumer Credit Insurance in the twelve months to June this year, yet only 23 cents in every doll...

November 27, 2013

Bank Fees Refund Scam

Use this Fact Sheet if: You have received an unsolicited phone call from someone claiming to be from Consumer Action or a similar organisation; AND They claimed that the bank has overcharged y...

June 30, 2013

Media release: Consumer Action welcomes High Court ruling on bank penalty fees

Consumer Action has welcomed today's High Court ruling which found that a number of different bank fees are capable of being considered unlawful penalties. The Centre, whose predecessor Consumer Law C...

September 6, 2012

Media release: ATM Taskforce delivers for remote communities, but more needs to be done

The Federal Government’s ATM Taskforce has delivered a mixed bag for consumers in its reports on transparency and competition according to the Consumer Action Law Centre. The Centre lauded moves to ab...

May 25, 2012

Joint submission: Review of the Code of Banking Practice 2007-2008

CHOICE and Consumer Action support and endorse the joint consumer submission to the Review of the Code of Banking Practice. This submission concentrates on the issue of bank penalty fees in more detai...

July 31, 2008