Banking and Finance - Consumer Action Law Centre

Product intervention power for continuing credit contracts – some further considerations

Consumer Action, Financial Rights Legal Centre and WEstjustice have made a second submission to the Australian Securities and Investment Commission’s (ASIC) Consultation Paper 330 (CP 330), in which A...

Scrapping lending laws would take away legal rights and hinder economic recovery

Consumer advocates have published a submission on exposure draft legislation that would repeal lending consumer protections in the National Consumer Credit Protection Act, in direct contradiction of t...

Treasury consultation: Consumer Credit Reforms our submission

A coalition of consumer advocates have published a submission on exposure draft legislation that would repeal responsible lending laws in the National Consumer Credit Protection Act. The submission p...

Buy now pay later report reveals one-in-five users going without essentials like meals

A report released today on the buy now pay later (BNPL) industry reveals statistics that suggest many Australians are being pushed into financial harm. The report by the Australian Securities &...

Parliament must kick ‘rent-to-buy’ products off Centrepay for good

Consumer Action has thrown its support behind a private member’s Bill introduced to the Senate yesterday to stop ‘rent-to-buy’ operators from accessing the Government’s bill paying service. The Bi...

Stop The Debt Trap Alliance supports South Australian Bill for enhanced consumer protections

The Stop The Debt Trap Alliance has provided feedback on the draft Fair Trading (Small Amount Credit Contracts and Consumer Leases) Amendment Bill 2020 (SA). The Alliance) is a coalition of consume...

We support enhanced protections for South Australians from payday loans and high-cost leases

Consumer Action has provided a submission on the draft Fair Trading (Small Amount Credit Contracts and Consumer Leases) Amendment Bill 2020 (SA) (the SA Bill). Consumer Action strongly supports the...

“Stop the harm”: Renewed calls for consumer lease providers to be kicked off Centrepay

The Commonwealth Ombudsman recently handed down its final decision on Consumer Action Law Centre's complaints about Services Australia failing to enforce the Centrepay Policy against predatory consume...

Predatory lending risks undermining Government’s economic recovery effort

With jobs, household spending and economic recovery the focus of last night’s Budget, the Stop the Debt Trap Alliance is warning that lax protections from predatory lenders risk undermining the Gover...

Corporate regulator takes legal action to stop harmful rogue lending

The Australian Securities and Investments Commission (ASIC) this week commenced legal proceedings against Cigno Pty Ltd (Cigno) and BHF Solutions Pty Ltd (BHFS), alleging the companies provided credit...

Government waters down payday lending reforms

The Government has announced that it will weaken proposed consumer protections it promised to implement nearly four years ago in relation to small amount credit contracts (payday loans) and consumer l...

Consumer groups slam move to remove responsible lending law

Removing credit protections will cause harm to people and the economy CHOICE, Consumer Action Law Centre, Financial Counselling Australia and Financial Rights Legal Centre have responded to the Gov...

Revamped Koorihelp website and Facebook page launched for community

Consumer Action has launched a revamped Koorihelp website and new Facebook page focused on providing the latest information about pressing consumer issues and services to Victoria’s Aboriginal and Tor...

Government-led Senate Committee backs strengthening consumer protections for predatory payday loans and high-cost leases

A Senate Committee has handed down its final report on proposed reforms to payday loans and consumer leases in the National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consu...

Consumer groups welcome South Australian crackdown on predatory lenders

Consumer groups have applauded the South Australian government’s plans to crackdown on payday lenders and consumer lease providers. The government’s proposed laws would introduce important consumer pr...

Australian Competition Tribunal decision: A missed opportunity to improve solar sales practices

The Australian Competition Tribunal (the Tribunal) has handed down its decision today on the New Energy Tech Consumer Code (the Code), the proposed industry code for new energy technology such as sola...

Report misses the mark on buy now pay later regulation

The Senate Select Committee on Financial Technology and Regulatory Technology has published its Interim Report. Consumer groups say the Interim Report has missed the mark on its recommendation encoura...

Inquiry into Victoria’s Response to COVID-19

COVID-19 has deeply affected the Victorian community in unprecedented ways. With a significant number of job losses and most of the population staying at home in compliance with public health orders,...

Using the product intervention power: Continuing credit contracts

The Australian Securities and Investment Commission (ASIC) is consulting on using its product intervention powers (PIP) against the second Cigno lending model. Consumer Action Law Centre (Consumer...

Consumer groups welcome NAB crackdown on debt vultures

Consumer groups have welcomed a crackdown on debt vultures by National Australia Bank (NAB). In a statement today, NAB says it will no longer deal with unlicensed debt management providers. Cons...

Responsible lending law reform needed urgently

Consumer groups are extremely disappointed in ASIC’s decision not to appeal the Full Federal Court’s decision in the Westpac case to the High Court of Australia.[1] The Financial Rights Legal Centr...

Regulator proposes to stop the latest predatory lending model involving Cigno

The corporate regulator is proposing to again use its product intervention power (PIP) in relation to Cigno and BHF Solutions. Consumer Action Law Centre supports the move, saying there is a desperate...

Banks Announcement of Further Assistance for Customers a Timely Relief

Today’s announcement by the banking industry of further assistance to help customers experiencing financial hardship will provide some important relief to those who continue to be impacted by COVID-19...

Regulator reveals telcos failing to do proper credit checks

The telco regulator has released worrying findings from its mystery shopping study into companies' credit assessments today. The study released today by the Australian Communications and Media Aut...

Consumer groups: Federal insurance pricing monitor a ‘national priority’ ahead of next bushfire season as NSW office closes

The closure of the NSW insurance pricing monitor today leaves a gap in consumer protection that should be filled by an independent national body says a coalition of consumer groups. The NSW Emergen...

Consumer Action asks Tribunal to stop ‘buy now pay later’ solar rip offs

Today the Australian Competition Tribunal will commence hearing arguments on the New Energy Tech Consumer Code (the Code), the proposed industry code for new energy technology such as solar panel sale...

Australians urged to share their stories about financial hardship during COVID-19

Today, Consumer Action Law Centre has launched an online form to enable people to share their experiences of financial hardship during the Covid-19 emergency. The goal is to help track the severity an...

Junk insurance rorts continue despite millions in refunds

The Australian Securities and Investments Commission’s (ASIC) announcement today that it has secured its final tranche of remediation for consumers sold junk consumer credit insurance (CCI) by 11 bank...

Government reaffirms commitment to implement Banking Royal Commission reforms in full

Today the Government announced a six-month deferral to the implementation of commitments associated with the Banking Royal Commission. Under the updated timetable, measures previously scheduled for...

Submission: Bushfire Royal Commission and insurance affordability

Consumer Action’s submission to the Royal Commission into National Natural Disaster Arrangements covers the insurance and financial challenges faced by communities in the aftermath of the Black Summer...

Consumer group tells Bushfire Royal Commission that climate change is creating a perfect storm for insurance affordability

Consumer Action has warned that climate change is expected to make insurance unaffordable for many as extreme weather events hit Australia as part of its submission to the Bushfire Royal Commission re...

Woman in red t-shirt looking at her laptop, stressed.

We’re at crisis point. Government needs to shut down predatory lenders.

Every week, community and consumer advocates speak to people trapped in payday lending debt. For years, we’ve been campaigning to stop the debt trap and harm caused by payday lenders. We’ve talked to...

Product design and distribution obligations –ASIC Consultation Paper 325

Consumer groups have commented on ASIC’s Consultation Paper 325 – Product design and distribution obligations. We strongly support the introduction of product design and distribution obligations (DDOs...

No impact on credit files during COVID-19 pandemic a welcome announcement by banks

Consumer groups welcome the announcement by the Australian Banking Association that bank customers applying for payment deferrals as a result of the COVID-19 pandemic will not have a missed payment or...

Keep communities connected, urge more than 40 community organisations across Australia

As more people face the prospect of losing work due to the COVID-19 health crisis, community organisations are calling on banks, telcos, energy retailers, and rental providers to help people stay con...

A little relief will go a long way for thousands struggling due to COVID-19

Widespread disruption caused by COVID-19 is being felt across Australia. It won’t be long before we have thousands of people trying to survive on a reduced income, worried about whether they can pay t...

Banking Royal Commission reforms: “Pivotal moment in implementing Hayne’s vision”

Consumer Credit Legal Service (WA), CHOICE, Consumer Action Law Centre, Financial Counselling Australia, Financial Rights Legal Centre and Super Consumers Australia have today published policy submi...

Joint submission: Re: Financial Regulator Assessment Authority Bill 2020

This is a joint consumer submission from Financial Rights Legal Centre, CHOICE and the Consumer Action Law Centre to Treasury providing comment on the Financial Regulator Assessment Authority Bill 202...

Joint submission to the Treasury re: Duty to take reasonable care not to make a misrepresentation to an insurer

This is a joint consumer submission from the Financial Rights Legal Centre, Consumer Action Law Centre, CHOICE, the Public Interest Advocacy Centre, Financial Counselling Australia, and the Consumer C...

Joint submission: Exposure draft – Deferred sales model for add-on insurance – FSRC Rec 4.3

This submission has been prepared by Consumer Action Law Centre with contributions and endorsement from Financial Rights Legal Centre, Financial Counselling Australia, CHOICE, Consumer Credit Law Cent...

Joint submission: Exposure draft – No hawking of financial products – FSRC Rec 3.4 and 4.1

This submission has been prepared by Consumer Action Law Centre with contributions and endorsements from Financial Rights Legal Centre, CHOICE, Consumer Credit Legal Service (WA), and Financial Counse...

Joint submission: Strengthening breach reporting

This is a joint consumer submission from Consumer Credit Legal Service (WA), CHOICE, Consumer Action Law Centre and Financial Rights Legal Centre. We strongly support proposed reforms to the breach re...

Joint submission: Enforceability of financial services industry codes

This is a joint submission by Financial Rights Legal Centre, the Consumer Action Law Centre, CHOICE, Financial Counselling Australia, Consumer Credit Legal Service (WA) and the Consumers’ Federation o...

Joint submission re: Exposure Draft Implementation of ASIC Enforcement Review Taskforce – Directions Power

This submission has been drafted by Consumer Action Law Centre with contributions and endorsement from Financial Rights Legal Centre, CHOICE, Consumer Credit Legal Service (WA), and Financial Counsell...

Joint submission re: Exposure Draft: Cap on vehicle dealer commissions

This submission has been drafted by Consumer Action Law Centre with contributions and endorsement from Financial Rights Legal Centre, CHOICE, Financial Counselling Australia, and Consumer Credit Legal...

Joint submission: Financial Services Royal Commission Recommendations 4.6 – Limiting avoidance of life insurance contracts

Joint submission: Financial Services Royal Commission Additional commitment in response to Recommendation 4.2 – Restricting the use of the term ‘insurance’ and ‘insurer’

This is a joint submission from the Financial Rights Legal Centre, Consumer Action Law Centre, CHOICE, Financial Counselling Australia and Consumer Credit Legal Service (WA) and provides comment on th...

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