Finance

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The Banking Code Compliance Committee (BCCC) recognises that both Code subscribing banks and their customers are facing unprecedented challenges due to the COVID-19 pandemic. The BCCC welcomes the various initiatives announced by the ABA to assist customers to meet these challenges. It believes that these measures will contribute to the fair treatment of customers. Customers…

Read More Banking Code Compliance Committee response to bank and customer COVID-19 challenges

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Consumer advocate says Lifetime Health Cover Loading should be suspended in light of COVID-19 financial pressures Consumer advocate CHOICE is calling on the Federal Government to suspend consumer penalties for not taking up private health insurance in light of the COVID-19 crisis. The advocacy group says the Government should add an extra 365 days to…

Read More “Penalties for not taking up private health cover must be suspended”: CHOICE

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The Medical Costs Finder is an online tool that helps people understand the cost of common medical procedures by specialists in Australia. In line with the Australian Government’s strategy to improve understanding and transparency of out of pocket costs, the web tool uses the most recent publicly available Government data about what people have paid…

Read More Understand the cost of medical procedures using Medical Costs Finder

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Consumer Action Law Centre has released its second edition of Regulator Watch: The enforcement performance of Australia’s consumer protection regulators. In 2013, Consumer Action published the first edition of ‘Regulator Watch’, which was written in response to the absence of a public mechanism to compare the enforcement work being done by Australia’s various consumer protection regulators. Since…

Read More Consumer Action releases Regulator Watch report

A black and silver stethoscope on a white table A black and silver stethoscope on a white table

For the first time, the majority of hospital treatment policies held by Australians now contain exclusions, the latest ACCC annual report into the private health insurance industry has found. More than 57 per cent of policies held by Australians contain exclusions, up from about 44 per cent in the previous year. “Many people may not be aware…

Read More Private health insurance premiums rise despite growing exclusions

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The Banking Code Compliance Committee (BCCC) has published a Guidance Note on clause 10 of the 2019 Banking Code of Practice (the Code). Clause 10 of the Code requires a Code subscribing bank to engage with customers in a fair, reasonable and ethical manner. Clause 10 is one of the Code’s most important obligations and should be embedded within…

Read More Banks must be fair, reasonable and ethical in all circumstances

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Consumer Credit Legal Service (WA), CHOICE, Consumer Action Law Centre, Financial Counselling Australia, Financial Rights Legal Centre and Super Consumers Australia have published policy submissions that respond to 22 of the Royal Commission’s 76 recommendations.  After the shocking scandals of the Royal Commission, consumer groups are supportive of the Treasurer Josh Frydenberg’s efforts to enact…

Read More Consumer advocates comment on draft legislation that responds to over a quarter of Banking Royal Commission recommendations

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On 17 December 2019, the Australian Banking Association announced a revised version of the Banking Code would take effect from 1 March 2020. The changes to the Code address recommendations from the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The changes include: ceasing default interest on…

Read More Revised version of the Banking Code in effect from 1 March 2020

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ASIC has released an update on its work in the six-month period from September 2019 to February 2020, including its response to the referrals and recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). It follows previous updates on ASIC’s response to the Royal Commission’s recommendations…

Read More ASIC releases update on its enforcement and regulatory work

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ASIC has today started a four week consultation on draft guidance about the new best interests duty for mortgage brokers. The new obligations were legislated by the Parliament in response to Recommendation 1.2 of the Royal Commission. From 1 July, the obligations will require mortgage brokers to act in the best interests of consumers and to…

Read More ASIC consults on draft guidance on the new best interests duty for mortgage brokers

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ASIC has released the findings from its recent review of superannuation trustees’ communications with their members about changes introduced through the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP). The PYSP reforms were introduced to protect the superannuation savings of Australians from erosion due to inappropriate fees and insurance premiums as well as to reduce unintended…

Read More ASIC releases report reviewing trustees’ PYSP communications