Advocacy Priorities
FCVic is delighted to present our finalised Advocacy Priorities 2024.
Thank you to all the members who contributed to shaping these Priorities, telling us about the most common issues impacting on their clients, and opportunities for reform with the most impact and likelihood of success.
These Priorities will act as a roadmap for how we as a peak body can best focus our advocacy efforts. It will also act as a guideline for action – as new and emerging issues and opportunities arise, we can review them against these Priorities to see where they best fit.
From here, we will be working on an action plan for each priority area and identifying opportunities for campaigns of value. These plans will be shaped by the four L’s:
- We will lead on sector-specific issues, campaigns, and needs.
- We will liaise with industry, regulators, government and decision-makers.
- We will leverage insights from our members and share our sector’s unique expertise.
- We will lend support where there are already leading campaigners.
These four different approaches will allow us to best focus our advocacy efforts, to amplify others’ efforts, and to make the most of the resources available.
Summit Actions Report
FCVic’s 2024 Summit, ‘The Changing Face of Hardship’, was held on 20 March 2024 and aimed to explore how the broader financial industry and financial counsellors are adapting to the evolving landscape of hardship as a consequence of the cost-of-living crisis. Over 300 attendees came together for a day of stimulating panel discussions, with a commitment to finding solutions, creating connections, and uniting as a sector to work towards better outcomes for all Victorians.
Following the Summit, we have prepared this ‘Actions Report’ using discussions and presentations on the day, attendee contributions through the sli.do Q&A function with responses from panelists, and post-event feedback from attendees.
This report focuses on actions for each stakeholder group which attended on the day: 1) for financial counsellors and other community sector workers; 2) for industry hardship teams; 3) for regulators and 4) for government and policymakers. The purpose of this is to assist everyone to take realistic steps to do what they can to address this ‘changing face of hardship’ and the cost-of-living crisis.
FCVic acknowledges that the above summary actions require multi-party approaches. Though we have reported specific actions for each group, it is only by combining these actions collaboratively that we will create the changes needed for a real positive impact for vulnerable Victorians. FCVic also commits to working collaboratively with all stakeholders to reflect on and advance the actions identified at our Summit.
To quote a Summit participant “just because the model is the model today, doesn’t mean it has to be the model tomorrow.” We can all play a part in systemic change.
Click here to read the full report.
Note – there were a number of Powerpoint presentations delivered by our expert panellists during the Summit. Links have been provided below to PDFs of these presentations.
Panel 1: The cost of living – A new normal or short term crisis?
- Dr Craig Latham, Australian Small Business and Family Enterprise Ombudsman
- Hannah Cook, recoveriescorp
- Professor Kathryn Backholer, Global Centre for Preventive Health and Nutrition
Panel 3: Responding to the housing crisis
Submissions
In the past two months, we have made several submissions, as follows:
Submission to Treasury’s consultation on Standard definitions and standard cover for insurance
Our submission focuses on areas that are relevant to our advocacy work on post-disaster insurance issues in Victoria and is informed by what our members have told us about the needs of vulnerable Victorian clients who are struggling with these insurance issues after a natural disaster. Click here to read.
Submissions to Treasury’s consultation on Buy Now Pay Later regulatory reform
We have provided feedback on Treasury’s Buy Now Pay Later regulatory reform consultation in two ways, including through a joint submission with other consumer advocacy bodies: Click here to read this joint submission.
In addition to our contributions in the joint submission above, we provided our own supplementary submission to this consultation, providing a few further observations and recommendations. Click here to read this submission.
Submission to the Competition and Consumer (Designated Complaints) Determination 2024
We have provided feedback on one component of the proposed Competition and Consumer (Designated Complaints) Determination 2024. Click here to read this submission.
Submission on the draft decision for the Victorian Default Offer 2024-25
We provided feedback on the draft decision for the Victorian Default Offer (VDO) 2024-25, firstly as part of a joint submission with other consumer advocacy bodies. Click here to read this joint submission.
We also provided a supplementary submission, with a focus on the impact of this decision through a cost-of-living lens. Click here to read the submission.
A note on submissions
Genuine and meaningful contribution to regulatory and government inquiries and consultations is a cornerstone of our advocacy approach – but it is not the only way we establish and promote the influence and expertise of the financial counselling sector. We continue to create and shape opportunities for regular engagement with policymakers, using our submissions as a starting point for ongoing conversations on potential reforms.
We also commit to continuing to ask for member input on these regulatory and government submissions. These two opportunities coming up may be of interest.
General Insurance Code of Practice Review 2024
An independent review of the 2020 General Insurance Code of Practice has commenced, and an initial consultation paper has been released which poses a series of questions around key themes for the review.
FCVic is preparing to make a submission to this consultation, and we invite member input in response to the consultation questions. To respond to the consultation questions by 5pm on Friday 10 May, visit: https://form.jotform.com/fcrc/general-insurance-code-review-2024
Parliamentary Inquiry into Financial Services Regulatory Framework in Relation to Financial Abuse
This Parliamentary Inquiry will examine the prevalence and impact of financial abuse, the effectiveness of current legislation and regulation, opportunities for reform, and other related matters. Read the full Terms of Reference.
FCVic is preparing to make a submission to this consultation, and we invite member input. To express your interest in contributing, please contact Julie Barrow, Family Violence and Professionalisation Lead, on [email protected].