Finance

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Strata insurance in Australia is a growing class of insurance business as a result of the rising popularity and development of multi-owner properties across the country. However, issues have arisen for consumers living in strata schemes (known as ‘owners corporations’, ‘body corporates’ etc). These issues include: strata managers commonly receive rebates of broker commissions and…

Read More Independent Review of Strata Insurance Practices – phase 1 recommendations

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Australians who are blind or vision impaired face significant barriers and issues when accessing banking and financial institutions and products in Australia, primarily resulting in complete inaccessibility to these institutions and products. This post is taken from a report by Blind Citizens Australia. It was originally published on 15th July, 2022. In a new report, Blind Citizens…

Read More New report from Blind Citizens Australia on access to banking

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This webinar is designed for CFA members, consumer advocates and others to learn from the experience in the UK with flood insurance and relief. Come along and hear from guest speakers: Andy Bord, CEO of FloodRe – a re-insurance Scheme that makes flood cover more widely available and affordable as part of home insurance. Paul Cobbing, former…

Read More Webinar: Flood Insurance and Relief – the UK experience

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Cigno is exactly the sort of business the Australian Securities and Investments Commission had in mind when it asked for stronger powers to ban the sale of harmful financial products. This is a news item from The Conversation. It was originally published on 5th August, 2022. If you are experiencing financial hardship contact the National Debt Helpline on 1800…

Read More How ‘bad credit’ lender Cigno has dodged ASIC’s grasp

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A tenancy advocate and financial counsellor, a domestic violence support group, a child safety program and media stories about funeral insurance were the winners of the 2022 Consumer Protection Awards. This is a media release from The Government of Western Australia: Department of Mines, Industry Regulation and Safety. It was originally published on 2nd August, 2022. The winners…

Read More Family violence, child safety, funeral insurance in awards spotlight

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After an extensive consultation process, new retirement savings targets for homeowners are ready to help Australians get started on their retirement plan. This is a media release from Super Consumers Australia. It was originally published on 18th July, 2022. “Among the most important financial questions retirement-planning Australians face is how much they need to save and what income…

Read More How much do you need to save for retirement?

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Australians are facing the perfect storm for increased financial insecurity in the next 12 months, making them vulnerable to dodgy insolvency advice. On the back of a tough few years of fire, drought, flood and the pandemic, rising interest rates and cost of living pressures mean that more Australians may struggle to pay their bills…

Read More Worried about debt? Talk to your bank or creditors and avoid dodgy advice, warns AFSA

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The Australian Financial Complaints Authority (AFCA) has announced the appointment of Natalie Cameron as its new Lead Ombudsman for Banking and Finance. This is a media release from the Australian Financial Complaints Authority (AFCA). It was originally published on 6th July, 2022. Natalie was appointed after an extensive executive recruitment process and moves into the position from her…

Read More Natalie Cameron named Lead Ombudsman, Banking and Finance

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New research by Dr Zofia Bednarz has found insurers, using new AI and other models, may be able to collect your online data, and apart from anti-discrimination laws, there are no effective constraints on them using that data to price contracts. This is a media release from The University of Sydney: News & opinion. It was originally published…

Read More Is your insurance company watching you online and is it legal?

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Customer-owned banking institutions may need to step up support for consumers experiencing vulnerability as pressures on people increase and ahead of the introduction of more stringent obligations under a new Code of Practice, a new Report says. This is a media release from Customer Owned Banking Code Compliance Committee. It was originally published on 23rd June, 2022.  While saying many…

Read More Report backs greater support for vulnerable customers

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Have you ever tried switching bank accounts online, only to end up feeling confused by the technology? Any situation in which an individual may be unable to engage fully or effectively in a market is considered consumer vulnerability read more here and watch the video. Protecting the most vulnerable people in society falls not just to government but…

Read More New vulnerable consumers standard ensures everyone gets a fair deal

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Consumer Action is calling for meaningful protections from scams to apply to businesses operating in the crypto sector. This is a media release from Consumer Action Law Centre. It was originally published on 30th May, 2022.  The call comes in a submission to the Treasury’s consultation paper Crypto asset secondary service providers: Licensing and custody requirements, in which Treasury proposes…

Read More Crypto: As risky as gambling and a haven for scams that demands action