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AFCA has received more than 3,000 financial complaints since the declaration of the coronavirus pandemic and expects dispute numbers to continue growing through to the end of 2021.

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Justin Untersteiner, chief operating officer of the Australian Financial Complaints Authority (AFCA), was speaking to members at an online forum earlier this week when he revealed the breakdown of the coronavirus-related complaints, which have been seen across banking and finance, insurance and superannuation.

Of the 3,180 total complaints, 1,430 were identified as banking and finance – with 680 of these related to financial difficulty.

A further 1,070 complaints related to general insurance, while 610 were purported as superannuation complaints.

According to AFCA, a majority of the complaints have been about loan break costs, disputed transactions, requests to extend payment terms, denial of travel insurance claims, and delays in the early release of superannuation.

“Many of these complaints result from poor communication, where a consumer has trouble contacting the firm, does not understand their policy, or is confused about the information they receive,” Mr Untersteiner said.

He is urging financial firms to provide early and proactive communication to consumers.

“We encourage financial firms to ensure their contact details and resources are visible and accessible and allow for genuine engagement with customers to resolve issues early on.”

The COO added that AFCA is anticipating it will receive more financial difficulty complaints arising from COVID-19 in the next six to 18 months from vulnerable consumers and others who struggle to repay mortgages and other debts as government and sector support initiatives come to an end.

“This won’t just be an issue for banking and finance, many will turn to their insurance policies to loom for help, and in some cases, they will not be covered, which will lead to disputes,” he said.

Responsible lending complaints, disputes related to scams, and a rise in business interruption complaints are other areas where AFCA expects to see an increase in workload, alongside additional complaints relating to the early access to superannuation from June until September.

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AFCA has received more than 3,000 financial complaints since the declaration of the coronavirus pandemic and expects dispute numbers to continue growing through to the end of 2021.

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Up to a quarter of Australia’s banks could exit the market within five years due to pressures associated with COVID-19.

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According to GlobalData, the “enduring squeeze” of coronavirus on smaller players in the financial industry could result in the long-term consolidation of the marketplace.

The forecast comes after the recent announcements by a number of banks that profits have taken a hit. 

According to GlobalData retail banking analyst Resham Karira, government support and cheap funding will go some way in buffering impacts on the banking sector, “but it can only mitigate the impact”.

She said the recent upswing in authorised deposit-taking institutions (ADIs), which was driven by the launch of neobanks, “appears set to reverse”.

“The next five years could see up to a quarter of ADIs exit the market via sales or mergers.”

It’s not all bad news, however: GlobalData itself has acknowledged that its revised post-COVID-19 forecasts “are not as bleak in Australia as in other countries”.

While growth figures are down across lending and mortgage categories, mortgage balances are still expected to grow across the calendar year.

Consumer loans should also stay relatively steady, with the expectation of a decline of just 0.2 per cent.

Credit card balances are expected to take a larger hit over the year – at 5.5 per cent – but GlobalData was quick to point out that this figure is on par with pre-COVID-19 forecasts.

Still looking ahead, Ms Karira pointed out that “spending, barring panic buying, will decline, and businesses will be hesitant to take on even attractive loans when they have no income”.

With retail customers and small businesses being more vulnerable, she added that banks could see a rise in the delinquency rate, resulting in higher non-performing assets.

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Up to a quarter of Australia’s banks could exit the market within five years due to pressures associated with COVID-19.

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The Federal Court has approved of a $49.5 million class action settlement that related to NAB and MLC’s sale of consumer credit insurance (CCI) to vulnerable customers.

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The action was first brought against NAB and MLC Ltd by Slater and Gordon in September 2018 and concerned allegations of “unconscionable conduct”. 

NAB and MLC were reported to have engaged in contravention of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) by selling insurance to cardholders who were “ineligible to claim under the terms of the policy”.

At the time the class action was filed, Slater and Gordon said all claimants had a NAB credit card and were then offered credit card insurance.

“However, it was highly unlikely that they would benefit from this policy,” according to class actions principal lawyer Andrew Paull.

Ineligible customers that were sold the insurance included students, those without gainful employment, and individuals on disability pensions.

Mr Paull had also alleged that some customers with existing life and/or income protection insurance were still encouraged to take out insurance on their credit card, despite already being covered by their existing policies.

He had commented that “both NAB and MLC were in much stronger bargaining positions than any of the people they were contacting and selling this insurance to”.

The proceedings were related to two CCI products: NAB Credit Card Cover (NCCC) and NAB Personal Loan Cover (PLC).

In acknowledging the Federal Court’s approval of the settlement, NAB noted it no longer sells CCI products.

Responding to the announcement, the bank’s chief legal and commercial counsel, Sharon Cook, said: “We are pleased with the Federal Court’s decision and to be able to resolve this matter for our customers and shareholders.

“As we have acknowledged, it is important to resolve past issues so that we can rebuild trust with our customers and the community.”

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-05-13 02:28:40" ["slug"]=> string(59) "15113:coughing-up-49-5m-for-dodgy-consumer-credit-practices" ["parent_slug"]=> string(16) "271:borrow-money" ["catslug"]=> string(11) "275:banking" ["event"]=> object(stdClass)#4190 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(380) "

The Federal Court has approved of a $49.5 million class action settlement that related to NAB and MLC’s sale of consumer credit insurance (CCI) to vulnerable customers.

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The Commonwealth Bank has announced that it is selling off the majority of its wealth management subsidiary Colonial First State (CFS), while offering an additional $1.5 billion to support its customers.

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The banking giant told investors that it would sell off 55 per cent of its wealth management business to global investment firm KKR. CFS is currently valued at $3.3 billion.

The transaction implied a total valuation for CFS on a 100 per cent basis of $3.3 billion, which will result in CBA receiving cash proceeds of approximately $1.7 billion, making for a post-tax gain of $1.5 billion. The post-tax gain figure included separation and transaction costs for the bank of around $180 million.

CBA reported the sale price represents a multiple of 15.5 times CFS’ pro forma net profit after tax of around $200 million. 

CBA and KKR intend to undertake a significant investment program in CFS, aiming to strengthen its position in the Australian market as a retail super and investments business. 

The bank said the sale is “expected to enhance the tools provided and the ease of doing business with CFS for advisers”.

The Commonwealth Bank also informed investors it has taken out an additional $1.5 billion in loan provisions as it prepares for the impact of COVID-19 on its bottom line. 

The bank announced that its cash profits have fallen by 23 per cent to $1.3 billion, citing deteriorating economic conditions during the quarter. 

In a statement to the ASX, CEO Matt Comyn told investors that while COVID-19 has created a challenging environment, the bank is in a good position to absorb the losses. 

“Today’s announcement of an additional credit provision of $1.5 billion for the potential longer-term impacts of COVID-19 further reinforces our already strong provisioning and balance sheet settings,” Mr Comyn said. 

“The strength and resilience of the bank remained evident through the March quarter. Our people have continued to serve our customers diligently and professionally under challenging circumstances.

“Given the challenges our people have faced, it was particularly pleasing to note a significant improvement in our recent survey of employee engagement (up 13 per cent on a year ago) which reflects the commitment and sense of pride our people have in supporting their customers and the broader community during these difficult times.”

The Commonwealth Bank was the last of the big four banks to make an announcement, which did not include whether or not they will pay a dividend to shareholders.

The National Australia Bank has announced that it will still pay a dividend after a capital raise, while ANZ and Westpac have deferred dividend payments during the pandemic.

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The Commonwealth Bank has announced that it is selling off the majority of its wealth management subsidiary Colonial First State (CFS), while offering an additional $1.5 billion to support its customers.

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Recommendations from the banking royal commission that were set to be implemented by the end of 2020 have now been deferred for at least six months.

Write comment (1 Comment) " ["fulltext"]=> string(1077) "

A statement from the Treasury has reported that it will be delaying the implementation of its as-of-yet unlegislated commitments as a result of the coronavirus.

According to the government department, the deferral will enable the financial services industry to focus its efforts on planning for the recovery and support of both customers and staff.

The updated timetable has pushed back measures that were to be introduced into Parliament by 30 June 2020 to December 2020.

Similarly, all measures originally scheduled to have been introduced to Parliament by December 2020 will now be introduced by 30 June 2021.

According to the government, the deferral “balances the need to implement the recommendations of the royal commission with the need to ensure our financial institutions are in a position to devote their resources to responding to the significant challenges posed by the coronavirus”.

The decision to defer dates by six months also applies to all draft legislation that was issued prior to the COVID-19 pandemic.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-05-11 02:25:47" ["slug"]=> string(55) "15096:6-month-snag-for-banking-royal-commission-reforms" ["parent_slug"]=> string(16) "271:borrow-money" ["catslug"]=> string(11) "275:banking" ["event"]=> object(stdClass)#4206 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(353) "

Recommendations from the banking royal commission that were set to be implemented by the end of 2020 have now been deferred for at least six months.

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ME Bank has backed down on its decision to reduce the redraw limits on some of its legacy home loan products.

Write comment (0 Comments) " ["fulltext"]=> string(1727) "

Just yesterday, nestegg reported that ME Bank had been backpedaling since it was revealed that it had reduced the amount borrowers could redraw from some of their mortgage products without informing customers. 

According to the non-major lender, the changes affected around 4 per cent of the bank’s customers on legacy home loan products.

A previous statement from ME Bank regarding the change had outlined that the adjustment “was made with the best of intentions – to protect some customers from the risk of redrawing too much money, which could have inadvertently put them behind their repayment schedule”.

Acknowledging that the decision and subsequent change was poorly communicated and has upset customers, ME Bank CEO Jamie McPhee has now stated that some customers have indicated they want their redraw limits changed back to what they were before.

“We are going to do that.”

“We are deeply sorry; we were trying to do the right thing, but we went about it the wrong way,” he added.

The CEO “would like to reassure customers that at no point did the bank ‘remove funds from customer accounts’ or ‘transfer’ any customer funds”.

He reiterated that the adjustment was also not done for liquidity reasons.

“Our priority now is to help, support and service our customers. We recognise that we need to do better – we can and we will.”

The bank has set up a dedicated hotline for any customer who would like their redraw limits changed back or, if they prefer, they can request it online, Mr McPhee noted.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-05-08 02:27:42" ["slug"]=> string(40) "15092:bank-backflips-on-redraw-reduction" ["parent_slug"]=> string(16) "271:borrow-money" ["catslug"]=> string(11) "275:banking" ["event"]=> object(stdClass)#4214 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(300) "

ME Bank has backed down on its decision to reduce the redraw limits on some of its legacy home loan products.

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