Finance

In this short animated video, Legal Aid Queensland’s Paul Holmes, senior lawyer (consumer advocate), Civil Justice Services team talks about how to reduce your debt, particularly during COVID-19. In the legal information bites series, Legal Aid Queensland talks about the law, your rights and where to get legal help if you need it. To find…

Read More How to reduce your debt – Legal information bites by Queensland Legal Aid

Three people sitting at a desk having a meeting, two with their backs to the camera Three people sitting at a desk having a meeting, two with their backs to the camera

Australians in dispute with their bank, insurer, super fund or financial firm have lodged more than 80,000 complaints in the last 12 months, with the Australian Financial Complaints Authority (AFCA) securing $258.6 million in compensation and refunds direct to consumers.  People made 80,546 complaints to AFCA between 1 July 2019 and 30 June 2020. This…

Read More AFCA receives more than 80,000 complaints in FY19/20, nearly 5,000 of which are COVID-19 related

A person's hand on the keyboard of a laptop on a desk A person's hand on the keyboard of a laptop on a desk

Consumers can now choose to share their banking data to access more personalised financial products and services following the launch of the Consumer Data Right today. All four major banks are capable of sharing their customers’ data, when requested by the customer. Other authorised deposit-taking institutions will join the Consumer Data Right over the coming…

Read More Consumer Data Right goes live for data sharing

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A number of life insurers appear not to be taking their obligations under the Life Insurance Code of Practice (the Code) seriously, according to a report released on Friday by the Life Code Compliance Committee (the Committee) – the independent Committee which monitors and enforces industry compliance with the customer service standards set out in…

Read More Report shows life insurers need a stronger commitment to their Code compliance obligations

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Consumers should look out for unexpected international transaction fees when buying online from major brands, the ACCC has warned. Even websites with a .com.au domain name or that appear to be Australian based may process transactions overseas, meaning consumers can get charged an international transaction fee even for a purchase made in Australian dollars. The…

Read More Consumers urged to look out for unexpected international transaction fees

A computer screen showing a line graphy depicting the share market prices A computer screen showing a line graphy depicting the share market prices

People who use foreign currency conversion (FX) services now have greater access to accurate online calculators to help compare prices, but the ACCC says greater transparency is still needed at a time when many Australians are sending money to family and friends overseas. The ACCC’s Foreign currency exchange services inquiry report, released in September last…

Read More Easier comparisons now available for foreign currency conversions

A conference room with empty chairs around a meeting table A conference room with empty chairs around a meeting table

Insurers must focus on creating an ethical, consumer-focused culture that is championed by the Board and underpinned by robust governance and business practices if they are to improve their compliance with the General Insurance Code of Practice, according to a report published today by the General Insurance Code Governance Committee. Living the Code: Embedding Code…

Read More Culture, Leadership and Governance – the crucial elements of ‘Living the Code’ for insurers

A white computer keyboard. One key has the image of a shopping trolley on it A white computer keyboard. One key has the image of a shopping trolley on it

Thirteen consumer groups have joined together to provide a submission on the draft Buy Now Pay Later Code of Practice (BNPL code), developed by the Australian Finance Industry Association (AFIA). While noting that industry codes can provide beneficial commitments, the consumer advocates consider inconsistent regulation among buy now pay later products and other consumer credit…

Read More Consumer groups say a self-regulatory code for Buy Now Pay Later lenders is no substitute for consumer protection in law

A calculator on paper with blurred writing written on it A calculator on paper with blurred writing written on it

Many Australians are facing exceptional financial challenges due to the COVID-19 pandemic and are likely to need the support and assistance of their bank to help them deal with its impacts. The 2019 Banking Code of Practice provides safeguards and protections for banks’ individual and small business customers and includes many obligations which require banks…

Read More Banking Code: The Compliance Committee’s approach to consumer protection

A computer screen showing a line graphy depicting the share market prices A computer screen showing a line graphy depicting the share market prices

ASIC warns consumers about investment advertising that compares fixed-term investment products to bank term deposits. A surge in such marketing of fixed-term investment products in recent months has prompted ASIC to caution consumers to take care making investment decisions based on such advertising. ASIC is monitoring such advertising and the entities involved because of reports…

Read More ASIC warns consumers: Investment advertising is not always ‘true to label’