Australian Financial Complaints Authority - time limit changes

Posted by SAFCA on 22 July 2019
Source: FCA For a 12 month period (1 July 2019 to 30 June 2020), AFCA will accept complaints about the conduct of financial firms dating back to 1 January 2008. AFCA refers to these complaints as "legacy complaints". This is an opportunity for people to resolve older complaints. The usual AFCA process will apply and once the legacy complaint is lodged in AFCA it will be referred back to the financial firm. If the complaint remains unresolved then AFCA will consider and determi...
Posted in: SAFCA  

"We Need to Talk about Newstart" - Financial counsellors release graphic recording explainer

Posted by SAFCA on 16 July 2019
Source: FCA Financial Counselling Australia and the State and Territory financial counselling associations* join with thousands of Australians, business leaders and community groups in calling on the Government to "Raise the Rate". Financial counsellors are playing their part in a national week of action asking the Federal Government to increase the level of Newstart so that people looking for jobs are not living on the breadline. As part of our contribution to the campaign,...
Posted in: SAFCA  

Consumer Action lodges complaint to Commonwealth Ombudsman about the Department of Human Services' poor administration of Centrepay

Posted by SAFCA on 11 July 2019
Consumer Action Law Centre (Consumer Action) has made a formal complaint to the Commonwealth Ombudsman about the Department of Human Services (DHS).  This complaint comes after the department failed on multiple occasions to apply its own policy to address exploitative consumer lease providers using the Centrepay bill-payment system. Since November 2017, Consumer Action has made multiple complaints to DHS about systemic misconduct of consumer lease companies exploiting people through th...
Posted in: SAFCA  

FCA RESPONDS TO ASIC PROPOSAL TO USE ITS NEW PRODUCT INTERVENTION POWERS TO REIN IN UNREGULATED PAYDAY LENDING - IT CAN'T HAPPEN SOON ENOUGH

Posted by SAFCA on 9 July 2019
Financial Counselling Australia notes the release today of an ASIC consultation paper about whether it should use its new product intervention powers to rein in the lending practices of companies operating outside the credit laws. The answer is yes.  And it can't happen soon enough. Financial counsellors have been dealing with case after case of a short-term lender using this business model: Cigno. Cigno is not bound by the credit laws because of its unusual structure, which sp...
Posted in: SAFCA  

Funeral insurance company slammed by the banking royal commission rebrands with help from former NRL star Jamal Idris

Posted by SAFCA on 9 April 2019
A funeral insurer slammed by the banking royal commission for potentially misleading Indigenous customers has rebranded and enlisted a former NRL star as an ambassador. Jamal Idris, who retired from rugby league in 2017, has been promoting Youpla a rebrand of the Aboriginal Community Benefit Fund (ACBF). At the royal commission, ACBF faced accusations of exploiting the cultural significance of funerals to Aboriginal communities and selling low value products, including to children. In t...
Posted in: SAFCA  

SAFCA

Suite 7 Wellington Centre, 2 Portrush Rd.
Payneham SA 5070