Consumer protection

An up-close image of a skyscraper An up-close image of a skyscraper

Scrutiny of add-on insurance products by consumers, regulators and government has increased recently, with a particular focus on the sale of consumer credit insurance (CCI). Insurers and third-party sellers have been criticised for offering poor-quality products, pressure selling and selling to consumers who were unaware they were consenting to purchase CCI. In light of these…

Read More Sale of consumer credit insurance by customer owned banking Code subscribers

A nursing chair and a baby's cot in a nursery A nursing chair and a baby's cot in a nursery

An analysis of CHOICE test data has found key products designed for children still pose a risk as doctors, industry, experts and parents converged on Canberra on Wednesday to demand action. The data shows: Portable cots (60 tested from 2011–2018*): 98% or 59 failed. Strollers (163 tested from 2012–2019): 83% or 136 failed. Cots (173…

Read More Parents demand Canberra act on unsafe products

A black calculator next to a hard copy bank statement A black calculator next to a hard copy bank statement

Consumers’ Federation of Australia has joined a group of financial experts, community advocates, and service providers determined to see stronger laws implemented to protect Australians from irresponsible lenders. The Alliance’s statement: To the Australian Government: Every day our organisations deal with Australians who have been trapped in crippling debt due to high-cost fast loans and…

Read More CFA joins the Stop the Debt Trap Alliance

A desk with a laptop and a business newspaper A desk with a laptop and a business newspaper

Consumer advocate CHOICE welcomes ASIC’s announcement today that the regulator proposes to use its new Product Intervention Powers to ban harmful investment products.  “Binary options and contracts for difference are glorified gambling dressed up by financial licensees as a safe investment. With over four in five investors losing money from binary options investments, it’s clear…

Read More CHOICE welcomes the proposed ASIC ban on risky investment products

A gold watch on a table with button batteries scattered around the watch A gold watch on a table with button batteries scattered around the watch

The ACCC has established a Button Battery Taskforce to investigate ways to reduce risk to the Australian community, particularly children, of button batteries. In Australia two children have died in the past six years after swallowing a button battery, and hundreds of children suspected of swallowing button batteries have ended up in hospital emergency rooms.…

Read More Taskforce to investigate stronger button battery safety

A gold piggy bank A gold piggy bank

The Financial Planning Association is advertising for people with experience representing consumers for its code governing body & disciplinary panel. Code Monitoring Australia Pty Ltd (CMA), a wholly owned subsidiary of the Financial Planning Association (FPA), has developed the FINANCIAL ADVISERS MONITORING SCHEME (FAMS) and has applied to be approved as a code monitoring scheme…

Read More Financial Planning Association seeks consumer representatives

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Financial Rights Legal Centre (Financial Rights), Consumer Action Law Centre (Consumer Action) and Financial Counselling Australia (FCA) have welcomed the Australian Securities and Investment Commission’s (ASIC’s) announcement that it will consult on using new Product Intervention Powers to intervene in the short term credit industry. The new product intervention power allows ASIC to intervene where…

Read More Consumer advocates welcome ASIC intervention in Short Term Credit Market

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The revised Telecommunications Consumer Protection (TCP) Code fails to adequately protect telco consumers, according to consumer groups. Despite consultation with the telco industry and regulator, consumer groups including ACCAN, Consumer Action Law Centre, WEstjustice, Financial Counselling Australia, Financial and Consumer Rights Council, Financial Rights Legal Centre, Money Mob, and HK Training and Consultancy, consider that…

Read More Telecommunications Consumer Protection Code inadequately protects consumers: consumer groups

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In its response to the High Court finding that a ‘book-up’ credit scheme operated in the remote Aboriginal community of Mintabie in the South Australian APY lands was not unconscionable, Consumer Action Law Centre (Consumer Action) says that Australia needs an economy-wide prohibition on unfair trading. “Unconscionable conduct is a complex legal term, and it…

Read More Unconscionable conduct: Divided High Court confirms need for change to the law

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Two years after a woman was electrocuted by a submersible pump in the backyard well of a Townsville home, the importer and online seller of the pump has been fined $1.2 million for failing to meet his obligations under electrical safety laws. Zoran Kacavenda, sole director of online business the Pump Factory Pty Ltd pleaded…

Read More Importers of electrical equipment are responsible for the safety of their product