Credit Cards: improving consumer outcomes and enhancing competition

Consumer Action Law Centre (Consumer Action) and the Financial Rights Legal Centre (FRLC) is pleased to comment on the proposed reforms outlined in Credit cards: improving consumer outcomes and enhanc...

June 21, 2016

Consumer property law review: Issue Paper 3: Sale of land and business

Consumer Action Law Centre (Consumer Action) is pleased to make this submission to Consumer Affairs Victoria's (CAV) review of Victoria's consumer property laws on Issue Paper 3: Sale of land and busi...

June 3, 2016

Submission to Consumer Property Law Review: Issue Paper 2 – Owners corporations

Consumer Action Law Centre (Consumer Action) is pleased to make this submission to Consumer Affairs Victoria's (CAV) review of Victoria's consumer property laws on Issue Paper 2: Owners corporations (...

May 30, 2016

Improving bankruptcy and insolvency laws – Proposals paper

The Consumer Action Law Centre (Consumer Action) welcomes the opportunity to provide input to proposed changes to Australia’s bankruptcy and insolvency laws. To read a PDF of the submission online,...

May 27, 2016

Review of the Small Amount Credit Contract Laws – Final Report

Consumer Action Law Centre (Consumer Action) is pleased to comment on the Review of the Small Amount Credit Contract Laws – Final Report as part of The Treasury's review of the Small Amount Credit Con...

May 17, 2016

Residential Tenancies Act review: Issues Paper 3 – Rights and responsibilities of landlords and tenants

Consumer Action Law Centre (Consumer Action) is pleased to comment on Issues Paper 3 - Rights and responsibilities of landlords and tenants as part of Consumer Affairs Victoria's (CAV's) review of the...

May 5, 2016

Residential Tenancies Act review: Issues Paper 2 – Rent, bonds and other charges

Consumer Action Law Centre (Consumer Action) is pleased to comment on Issues Paper 2—Rent, bonds and other charges as part of Consumer Affairs Victoria's (CAV) review of Victoria's Residential Tenanci...

April 20, 2016

Payday loans the next financial disaster

https://www.youtube.com/watch?v=DaVTYoVoZaE A financial disaster is looming unless there is an urgent response to expert recommendations to clean up payday loans and consumer leases. As pressure...

April 19, 2016

Review of Card Payments Regulation – Consultation Paper

Thank you for the opportunity to provide comment on the reforms proposed by the Reserve Bank of Australia (RBA) in the Review of Card Payments Regulation Consultation Paper (Consultation Paper), relea...

April 19, 2016

Response to a finance sector Royal Commission: Gerard Brody

In response to the announcement that a Labor Government would initiate a Royal Commission into the finance sector, Consumer Action Law CEO Gerard Brody said: “A Royal Commission into the finance se...

April 8, 2016

Submission to consumer property law review: Issue Paper 1 – Conduct and institutional arrangements for estate agents, conveyancers and owners corporation managers

Consumer Action Law Centre (Consumer Action) is pleased to make this submission to Consumer Affairs Victoria's (CAV) review of Victoria's consumer property laws on Issue Paper 1: Conduct and instituti...

March 16, 2016

Submission to Council on Federal Financial Relations Affordable Housing Working Group – Innovative financing models

Consumer Action Law Centre (Consumer Action) is pleased to make this submission to the Affordable Housing Working Group. Consumer Action's legal service and financial counselling service assist many...

March 16, 2016

Vendor terms and rent-to-buy schemes

Vendor terms or 'rent-to-buy' schemes promise to help you buy property when you don’t have the income, savings or credit history to get a regular mortgage. Often there’s a broker or agent who advertis...

March 4, 2016

Our finances are a mess – could behavioral science help clean them up?

Hal Hershfield, University of California, Los Angeles and Abigail Sussman, University of Chicago The first few months of a new year can be a stressful time financially. The Christmas holidays typic...

February 18, 2016

Victorian Mum takes on consumer rental company Flexirent and wins

A Victorian Mum of four has won a settlement of nearly $4000 after she took legal action against Flexirent Capital Pty Ltd, a subsidiary of the ASX listed company FlexiGroup Limited. Michelle T...

February 5, 2016

Submission: SACC Review Interim Report

Consumer Action has made its submission in response to the SACC Review Interim Report. We continue to push for tighter regulation on payday loans and consumer leases, which have been shown to cause si...

January 22, 2016

Payday loans: Julie’s Story

Julie is a single mother who subsists on Centrelink payments. She was recently involved in a family breakdown and suffers from mental health issues. She has had her Centrelink reduced and as a result...

October 21, 2015

Payday loans: James’ Story

James says he has had approximately 8 to 12 payday loans from a payday lender (that also operates as a pawnbroker) in the last 12 to 18 months, but he's lost count. James says that he was recently pro...

October 21, 2015

The common car product you might get a refund for

Australians are demanding better from the products sold with used cars and winning. Sarah from Melbourne’s south east thought she had to buy an extended warranty in order to get a loan. Consumer Ac...

October 20, 2015

Payday loans: Laura’s Story

Laura lives in public housing and receives a Centrelink pension. She has a mild intellectual disability and suffers from mental illness. Laura has two young children one of which has a mild intellectu...

October 19, 2015

Review of the small amount credit contract laws – Submission

The Consumer Action Law Centre (Consumer Action) welcomes the opportunity to comment on the review of the small amount credit contract laws and comparable consumer leases (the review). Read the full...

October 16, 2015

Add-on insurance – watch out!

Consumer Action has helped a client take on one of Australia's biggest finance companies about add-on insurance and a high-cost loan. In April 2013, our elderly client asked for a loan of $10,000 to...

October 16, 2015

New research shows struggling Australians suffering while the payday lending sector booms: Consumer groups

Consumer groups have cautioned policy makers not to fall for payday lending spin as new research from Digital Finance Analytics (DFA) shows the devastating impact of the industry on Australians strugg...

October 16, 2015

Cash Converters taken to court after reforms fail to protect vulnerable

Payday lending reforms from 2013 have failed vulnerable Australians according to Consumer Action Law Centre, as they take Cash Converters to court on behalf of a disability support pensioner over a ca...

September 24, 2015

ASIC report highlights exorbitant costs of rent-to-buy household goods: Consumer groups

The poorest and most vulnerable Australians are paying grossly inflated prices for household goods via “rent-to-buy” or “consumer lease” deals, as shown by a new report from the Australian Securities...

September 11, 2015

Rent-to-buy products must be kicked off Centrepay

Leading consumer groups are calling for the Australian Parliament to support moves by the Senate to protect the integrity of Centrelink’s budgeting tool for essentials, Centrepay, by excluding rent-to...

September 10, 2015

Review is opportunity to improve protections for payday loan and rent-to-buy borrowers

Payday lending and rent-to-buy products are often a source of financial distress and hardship according to Consumer Action Law Centre. The centre welcomes the Federal Government's announcement that it...

August 7, 2015

ALP National Conference: Labor needs to take a stand on payday loans.

Where the poorest pay the most - our session at #ALPConf2015 Fringe #auspol — Consumer Action (@consumer_action) July 26, 2015 Today, at an ALP National Conference fringe event, Consumer Actio...

July 26, 2015

Don’t make the poor pay more – time to end the free ride for rent to buy businesses: Consumer Groups

Consumer groups say draft legislation to ban rent-to-buy goods providers from Centrepay (Centrelink’s service that allows third parties to receive direct payment from welfare payments) is an essential...

June 24, 2015

Australians should be compensated for poor financial advice: Consumer groups

Australia’s leading consumer groups have made a joint submission to the Senate Economics Committee’s Scrutiny of Financial Advice Inquiry calling for a last resort compensation scheme for consumers wi...

May 8, 2015

Submission to the Inquiry into the financial hardship arrangements of energy retailers

Consumer Action Law Centre (Consumer Action) welcomes the opportunity to provide input into the Essential Services Commission's (the Commission) Inquiry into the financial hardship arrangements of ene...

May 6, 2015

Submission: Review of Card Payments Regulation Issues Paper

The Consumer Action Law Centre (Consumer Action) and Financial Rights Legal Centre (Financial Rights) welcome the opportunity to comment on the Review of Card Payments Regulation Issues Paper (the Iss...

April 24, 2015

Too many Australians have suffered at the hands of financial advisers

  Consumer Action Law Centre welcomes reports that independent Senator Nick Xenophon MP and Labor Senator Sam Dastyari have called for a last resort compensation scheme for financial services...

April 22, 2015

Submission: Financial System Inquiry Final Report

The Financial System Inquiry (FSI) Final Report was released in December 2014. Consumer Action has made a submission to the Treasury as part of consultation on the final report. A full copy of our su...

March 31, 2015

Media Release: Australians want changes to Payday Lending industry

Australia’s leading consumer advocates and largest microfinance organisation have today called on the Australian Government to take a fresh look at regulation governing payday lending.  New research r...

March 31, 2015

Media Release: Payday lending report questions compliance with the law

Consumer Action Law Centre welcomed a new report from the Australian Securities and Investments Commission (ASIC) which questions whether payday lenders are complying with the law. The 2013 law ref...

March 17, 2015

Media release: Consumer advocates welcome Allianz’s $400,016 refund but warn mis-selling of insurance is an ongoing problem

Consumer Action Law Centre has welcomed news that Allianz Australia Insurance will refund $400,016 to Australians who were sold its Consumer Credit Insurance (CCI) alongside payday loans. Consumer Ac...

March 4, 2015

Media release: ‘Vendor terms’ home ownership deal a fantasy with no basis in reality

The spotlight will be on ‘vendor terms’ home sales in a new case before the Victorian Civil and Administrative Tribunal (VCAT). ‘Vendor terms’ contracts are an alternative to mainstream bank mortgages...

January 27, 2015

Submission: Facilitating electronic financial services disclosure

Consumer Action has provided a submission on the Australian Securities and Investments Commission's Consultation Paper 224: Facilitating electronic financial services disclosure. Our responses to the...

January 21, 2015

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

Submission: Financial System Inquiry Interim Report

Consumer Action welcomed the panel's interim report, particularly that fairness, as much as stability and efficiency, are important objectives for the financial system. We strongly support the panel's...

September 1, 2014

Media release: As fixed term interest rates fall to record lows, borrowers advised to look beyond the short term

As Australian banks cut fixed term interest rates on home loans to record lows, financial counsellors at Consumer Action Law Centre have advised prospective borrowers to consider the longer term and w...

July 27, 2014

Summary of Consumer Leases and Consumer Protection: Regulatory Arbitrage and Consumer Harm

Key points the regulatory distinction between 'consumer leases' and 'credit contracts' used in the National Credit Code is flawed and has created opportunities for regulatory arbitrage (defined b...

April 24, 2014

Submission: Financial Systems Inquiry Terms of Reference

Consumer Action welcomes the opportunity to contribute to the Financial Systems Inquiry. The submission below responds to the Inquiry's terms of reference released on 20 December 2013. The submission...

March 31, 2014

Submission: Consumer Credit Regulations

Consumer Action and the Consumer Credit Legal Centre NSW have made a joint submission to Treasury on exposure draft consumer credit regulations affecting payday lenders. In summary, we are supportive...

March 5, 2014

Submission: Filing fees for debtors’ petitions, overseas travel requests and an increase to the realisations charge

A scan of Consumer Action's casework records (including both our legal advice and financial counselling services) reveals that we have on record at least 1900 calls from low income and vulnerable clie...

March 3, 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

Submission: Financial System Inquiry—Draft Terms of Reference

Consumer Action welcomes the opportunity to comment on the draft terms of reference for the Financial System Inquiry. In summary, we recommend that: the overall objective for the Inquiry could be e...

December 2, 2013

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