Banking and Finance - Consumer Action Law Centre

Banks should recognise that anyone can become vulnerable: Submission to ABA Guideline on Customer Vulnerability

There are any number of reasons why a person would be unable to unwilling to speak up when they are struggling with their financial situation. Who among us hasn’t faced a financial issue at one poi...

Newly passed bill officially bans rent-to-buy and vendor finance schemes from the Victorian housing market

The historic ban on certain residential vendor terms and rent-to-buy agreements, included in the Sale of Land Amendment Bill 2019 passed by Parliament this week means vulnerable home purchasers will b...

ASIC must overhaul responsible lending guidance to protect Australians

Consumer Action Law Centre (Consumer Action) has called on the Australian Securities and Investment Commission (ASIC) to urgently overhaul responsible lending guidance to better protect Australians fr...

Proposed AFCA arrangements for comparative reporting of complaint data

Comparative reporting of data related to complaints against financial service providers will empower consumers to make informed decisions about where to take their business. Consumer Action Law Centr...

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...

Enhanced regulatory framework would make industry codes enforceable if compliance required

Industry codes – often referred to as codes of conduct – can be useful when they genuinely improve standards in the relevant sector, provide meaningful rights for consumers and are complied with by in...

Submission on the Australian Financial Complaints Authority (AFCA) Rules Changes

Consumer Action Law Centre (Consumer Action) welcomes the opportunity to comment on the proposed changes to expand AFCA’s jurisdiction to deal with eligible complaints about conduct dating back to 1 J...

Ban on vendor term and rent-to-buy transactions to make buying a home fairer for all Victorians

Consumer Action Law Centre (Consumer Action) supports a ban on vendor term and rent-to-buy agreements in the housing market proposed by the Sale of Land Amendment Bill 2019, which is to be introduced...

The justice system could better respond to the needs of people affected by misconduct in the finance sector

Consumer Action Law Centre (Consumer Action) has recommended that financial service providers be required to improve their approach to dispute resolution in its comments to the Senate Legal and Consti...

Consumer issues must fall within mental health inquiry’s scope

Consumer Action has provided a submission to the Royal Commission into Mental Health Terms of Reference Consultation. We strongly support the Victorian Government’s announcement of this Royal Commi...

Increased consumer protections and removal of legal loopholes key Royal Commission recommendations

Increased consumer protections and removal of loopholes and exemptions are the key recommendations from the Hayne Royal Commission that will benefit everyday Australians says Consumer Action Law Centr...

2019-20 Pre-Budget Submission

Consumer Action has made a submission to The Australian Government Treasury’s 2019-20 Pre-Budget Submission process. We have focused this submission on two areas where budget action could make an imme...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Submission on Module 6 on insurance

Consumer Action made a submission to the Financial Services Royal Commission in October 2018 on the policy questions arising from Module 6 on insurance. Consumer Action has assisted people who have...

Consumer Action and the Royal Commission

Consumer Action is not able to advise or represent members of the public for the purposes of the Royal Commission. However, the Royal Commission is now receiving public submissions directly...

Submission: PIP DADO Regulations

Consumer groups have commented on the exposure draft Corporations Amendment (Design and Distribution Obligations and Product Intervention Powers) Regulations 2018 (Cth) (the Regulations) and explanato...

Submission: Inquiry into credit and financial services targeted at Australians at risk of financial hardship

This Senate Inquiry is a crucial opportunity to close the regulatory loopholes exploited by fringe lenders and ‘debt help’ companies. These companies can entrench disadvantage for some of the most vul...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Submission on the Interim Report – Rounds 1 to 4

Consumer Action Law Centre has published its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry responding to the Interim Report and poli...

Submission: Reforms to strengthen penalties for corporate and financial sector misconduct – Draft Legislation

This submission supports the proposed increases to maximum criminal and civil penalties across a number of provisions, the expansion in provisions subject to penalties, and the power to obtain disgorg...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Submission on Round 6 Hearings (Case Studies)

Consumer Action Law Centre has published its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry following the Round 6 hearings on insuran...

Submission: Easy and Transparent Trading Consultation Paper

The Consumer Action Law Centre (Consumer Action) welcomes the opportunity to comment on the Easy and Transparent Trading Consultation Paper (the Consultation Paper). We have limited our comments to Se...

Class Actions and Third-Party Litigation Funders: ALRC Inquiry

Consumer Action Law Centre made a submission to the Australian Law Reform Commission's Inquiry into Class Action Proceedings and Third-Party Litigation Funders (Discussion Paper 85, June 2018) (ALRC I...

Submission: Revised Design and Distribution Obligations and Product Intervention Powers Bill

Thank you for the opportunity to comment on the revised exposure draft of the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018 (the revised Bill)...

Lobbyists beat the battlers on payday loans and rent-to-buy

The Federal Government is letting the worst and most harmful financial products in the community run wild according to consumer advocates. It’s now one year, eight months, one week and fifteen days...

Submission: Credit card responsible lending assessments

The Consumer Action Law Centre, Financial Rights Legal Centre, CHOICE and Financial Counselling Australia welcome the opportunity to comment on Consultation Paper 303 on credit card responsible lendin...

New Banking Code must have teeth: consumer groups

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....

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Submission on Round 4 Hearings (General)

Consumer Action Law Centre has published its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector following the Round 4 hearings on issues affecting Aus...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Submission on Round 4 Hearings (Case Studies)

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Submission on Background Paper 14 General Insurance

We refer to the Royal Commission’s Background Paper 14: General Insurance (Background Paper) and make the following comments. We note that the Background Paper reflects the views of the authors and no...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Submission on Round 3 Hearings

This written submission is provided by Consumer Action Law Centre (Consumer Action) following the conclusion of the Round 3 hearings on loans to small and medium enterprises. Misconduct and conduct...

Joint submission: Australian Financial Complaints Authority (AFCA) Draft Rules

In Australia, everyone should be able to easily access a free, fair, fast and effective service to resolve complaints against their lender, insurer or superannuation fund. To ensure that the Australia...

Joint submission: Attorney-General’s Department Review of Financial Hardship Arrangements

Consumer advocates consider that any additional information permitted to be shared or held as part of the credit reporting system is inherently a further privacy intrusion and must be justified to be...

Are we there yet? (the mysterious case of the vanishing SACC Bill)

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Jail time for corporate crooks needed to clean up finance sector

Today the Federal Government announced that there will be tougher penalties for corporate misconduct, and stronger powers for the corporate regulator ASIC. The Federal Government has agreed or agreed-...

Submission – Inquiry into Competition in the Australian Financial System Draft Report

The Consumer Action Law Centre, Financial Counselling Australia and the Financial Rights Legal Centre are pleased to provide a submission in response to the Inquiry into Competition in the Australian...

Oversight of the Australian Financial Complaints Authority: Update to ASIC Regulatory Guide 139

In Australia, everyone should be able to easily access a free, fair, fast and effective service to resolve complaints against financial firms. The establishment of the Australian Financial Complaints...

Summary of Consumer Action submission to Royal Commission on consumer lending and reform recommendations

Consumer Action Law Centre (Consumer Action) has published its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector in response to the consumer lending...

Why don’t we read the fine print? Because banks know the pressure points to push

Paul Harrison, Deakin University and Chiara Piancatelli The Financial Services Royal Commission has exposed the pressure selling tactics used by the banks. They draw on simple psychological rul...

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...

Consumer Action and the Royal Commission

Consumer Action has made two submissions to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The experiences of the people we help through our advic...

A new one-stop shop for financial disputes

Today, the legislation establishing a new one-stop shop for financial and superannuation complaints passed the Federal Parliament. The new Australian Financial Complaints Authority will replace the Fi...

Submission: Design and Distribution Obligations and Product Intervention Powers

We are grateful for the opportunity to comment on the exposure draft of the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018 (the Bill). We s...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Consumer Action submission part 2

Consumer Action Law Centre has published part 2 of its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector today. The submission draws on the experienc...

Radio Rentals hauled over the coals for irresponsible lending – again.

Today, the corporate regulator ASIC announced it is taking action against consumer leasing giant Radio Rentals after the company admitted to breaching responsible lending laws. Consumer Action Law...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Consumer Action submission part 1

Consumer Action Law Centre has published part 1 of its initial submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector today. The submission draws on the e...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Consumer Action submission part 1

Opinion: Afterpay – Buy now, pain later?

Opinion – Gerard Brody, CEO Consumer Action Law Centre The boom of ‘buy now pay later’ at popular retailers has been touted as a win for business and consumers alike. But at a time when Australians...

Rent-to-buy: How many second chances do they deserve?

How should we describe a Government that wants to end the practice of 884% equivalent interest rates being charged to Australians who don’t have a spare $345 to buy a clothes dryer? It is a Government...

Watch Your Nuts

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...

Consumer Action comment on Royal Commission into the financial services sector

Consumer Action Law Centre says the Royal Commission into the financial services sector will empower people who have been ripped off by the banks, insurers and other financial institutions. ‘This R...

Joint submission: Establishment of the Australian Financial Complaints Authority

Seven consumer groups made a joint submission to Treasury's consultation on the Establishment of the Australian Financial Complaints Authority (AFCA). Consumer advocates are very supportive of the...

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