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)
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 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...
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
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...
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...
Submission: Remake of the Estate Agents (Professional Conduct) Regulations 2008
Consumer Action Law Centre (Consumer Action), COTA Victoria and Housing for the Aged Action Group welcome the opportunity to make this submission in relation to the remake of the Estate Agents (Profes...
Submission: Small Amount Credit Contract and Consumer Lease Reforms
We are pleased to make a submission in regards to the Exposure Draft Bill (the Bill) and Explanatory Materials implementing the Government’s response to the Small Amount Credit Contracts Review (the R...
Penalised for poverty – consumer groups say Morrison announcement will make the poor pay more
Turnbull Government proposals to mandate ‘comprehensive credit reporting’ (CCR) will have negative consequences unless changes are made, according to Consumer Action Law Centre and Financial Rights Le...
Submission: Banking Executive Accountability Regime Bill
We welcome the opportunity to provide comments in relation to the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2017 (the Bill). We support the Banking Execut...
Consumer Action takes consumer lease provider Rent4Keeps to court
In the same week that the Federal Government has released draft legislation to reform payday loans and consumer leases, Consumer Action Law Centre (Consumer Action) has announced proceedings in the Fe...
Supplementary Submission: Open Banking Review
Consumer Action Law Centre (Consumer Action), Financial Rights Legal Centre (Financial Rights) and Financial Counselling Australia (FCA) are pleased to make this supplementary submission in response t...
Inquiry into the Social Services Legislation Amendment (Cashless Debit Card) Bill 2017: Submission
Consumer Action joins with FamilyCare Shepparton to make this submission. Shepparton is the only Victorian community that is currently subject to income management, a policy similar to the Cashless De...
Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Bill 2017
Consumer advocates are very supportive of the move to a one-stop shop external dispute resolution (EDR) scheme that implements the considered recommendations of the Review of the Financial System Exte...
Submission: Open Banking Review
Consumer Action Law Centre, Financial Rights Legal Centre and Financial Counselling Australia are pleased to make this submission in response to the Open Banking Review Issues Paper. We acknowledge t...
Submission: Inquiry into Competition in the Australian Financial System
The Consumer Action Law Centre (Consumer Action), Financial Counselling Australia (FCA) and the Financial Rights Legal Centre (Financial Rights) have welcomed the Productivity Commission’s review of c...
Submission: Credit card reform exposure draft legislation
The Consumer Action Law Centre is pleased to comment on the exposure draft Treasury Laws Amendment (2017 Measures No. 8) Bill 2017: Credit card reforms (the Bill) and National Consumer Credit Protecti...