Banking Royal Commission - Consumer Action Law Centre

Complaints about financial firms to AFCA skyrocket as thousands of Australians left behind

The Australian Financial Complaints Authority (AFCA) has revealed that consumers in dispute with financial firms lodged a record 96,987 complaints in the past 12 months, an unprecedented rise of 34 pe...

Good news: Predatory lenders Cigno and BHF won’t escape justice

The success of the Australian Securities and Investment Commission (ASIC) in its Federal Court action against Cigno Pty Ltd (Cigno) and BHF Solutions Pty Ltd (BHF Solutions), is good news which we hop...

Australia’s banks failing customers by placing all the burden of the scams crisis on them says damning ASIC report

Australia’s four major banks are failing their customers by taking a ‘variable and…less mature’ approach to scams than expected, with ‘inconsistent and narrow approaches to determining liability’ as w...

Robodebt Royal Commission: refer debt collection misconduct to the ACCC

Consumer Action has partnered with Financial Counselling Australia and Economic Justice Australia to make a submission to the Royal Commission into the Robodebt Scheme. The submission asks the Roya...

Revision to Banking Code of Practice needs teeth to really help those doing it tough

Consumer advocates are calling for Australian banks to maintain and enhance robust consumer protections, following an independent review of the Banking Code of Practice (the Banking Code). The Aust...

Quality of Advice Review

People who seek financial advice, including in relation to insurance, deserve to have confidence that it will be high-quality and free from conflict of interest. Despite this, conflicts of interest co...

Financial Sector Reform Bill 2022 – Compensation Scheme of Last Resort and Financial Accountability Regime

Consumer groups strongly support the passage of a well-designed Compensation Scheme of Last Resort (‘CSLR’) and Financial Accountability Regime (‘FAR’). These reforms are landmark recommendations of t...

Quality of Advice Review: Proposals Paper

Australians who seek financial advice have the right to expect that the advice they receive will be independent, high quality and in their best interests. Poor financial advice has lasting impacts on...

Consumer advocates praise court decision against Cigno loans

Consumer advocates have welcomed a Full Federal Court decision striking down a credit law avoidance strategy used by Cigno Pty Ltd and BHF Solutions. For years, fringe lender Cigno has preyed upon...

Options Paper: Possible reforms to the bankruptcy system

This joint submission to the Attorney General's Department is made by Consumer Action and Financial Rights Legal Centre. It is staggering that the Government is proposing to roll back its own highl...

Quality of financial advice review–Draft Terms of Reference

Conflicted remuneration is the root cause of many of the problems uncovered by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission)....

Consumers win as long-awaited financial services sector reforms commence

A raft of major reforms in the financial services sector have come into effect this week, the culmination of years of consistent campaigning and casework from consumer advocacy groups representing hun...

15 consumer groups and professional associations call for stronger compensation scheme

A diverse coalition of organisations is calling for a broad financial compensation scheme, as legislation is expected to be introduced into Federal Parliament in the coming weeks. The coalition, wh...

Review of the 2021 Australian Banking Association Code of Practice

This is a joint submission made on behalf of members of the Consumers’ Federation of Australia (CFA), the peak body for consumer organisations in Australia. CFA represents a diverse range of consum...

Consumer groups concerned that travel insurance has unwarranted exemptions from Hayne reforms

Consumer advocates are calling on the Federal Treasurer and ASIC to implement the ban on unsolicited selling of insurance and superannuation consistently with the letter and spirit of Commissioner Hay...

ASIC Consultation Paper 346 – The Hawking Prohibition: Update to RG 38

This submission has been prepared by Consumer Action Law Centre with contributions and endorsement from the Financial Rights Legal Centre, Financial Counselling Australia and Super Consumers Australia...

Finance executives who break the law must be held to account

The Banking Royal Commission revealed that many decisions made by senior leaders of financial services firms have had a devastating impact on people across Australia. Their conduct has driven many mem...

Federal Government’s commitment to compensation scheme of last resort welcomed

A coalition of consumer groups has welcomed the Federal Government’s commitment to establish a compensation scheme of last resort. Uncompensated losses arising from financial misconduct can cause a...

Framework for reform –Modernising Victoria’s building system

This submission responds primarily to the proposed improvements relating to consumer protection, in particular, the proposals to: Improve existing advocacy and support services for individual con...

Implementing the Royal Commission recommendations: The deferred sales model for add-on insurance

Consumer Action Law Centre (Consumer Action) and Financial Rights Legal Centre (Financial Rights) broadly support the content of the draft regulatory guide for the industry-wide direct sales model (DS...

Royal Commission add-on junk insurance reforms must be implemented industry-wide

Community legal centres are urging the Government to deliver on Commissioner Hayne’s recommendation that the deferred sales model for add-on insurance apply ‘industry-wide’. The Final Report of the...

Opinion: Responsible lending law repeal will undo good

First published in the Herald Sun, 8 February 2021. In the two years since the Hayne Royal Commission Final Report while the Federal Government has made some changes to strengthen consumer protecti...

Consumer groups comment on Banking Royal Commission reforms

Consumer groups welcome today’s passage of Royal Commission recommendations into law, but condemn the government for introducing the law to axe safe lending laws into the House. “This week the govern...

Calling out the banks: Why responsible lending laws need to stay intact

First published in The Age/Sydney Morning Herald, 2 December 2020 It's a great pity that the banks are weighing in so publicly to support the rollback of our responsible lending laws. Just when...

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...

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...

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...

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...

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...

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...

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...

Hayne Royal Commission insurance reforms should be introduced into Parliament in next sitting

A coalition of consumer advocacy groups is calling on the Federal Government to urgently implement much-needed reforms to the insurance industry as recommended by the Royal Commission into Misconduct...

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...

Joint Submission: Implementing the Royal Commission recommendations: Mortgage brokers and the best interests duty

A joint consumer submission from Consumer Credit Legal Service (WA), CHOICE,Consumer Action Law Centre, Financial Counselling Australia and Financial Rights Legal Centre. It’s time to make mortgage...

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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