Finance

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The Federal Court has ordered four companies in the Mayfair 101 Group to pay a combined penalty of $30 million for misleading advertising. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 22nd December, 2021. In March 2021, the Court found Mayfair Wealth Partners Pty Ltd and Online Investments Pty…

Read More Mayfair 101 Group to pay $30 million penalty for misleading advertising

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The Banking Code Compliance Committee (BCCC) today released a report into how banks provide inclusive and accessible banking services and support customers experiencing vulnerability. This is a media release from the Banking Code Compliance Committee (BCCC). It was originally published on 20th December, 2021. The BCCC’s Inquiry found that: banks have invested significant resources to support customers experiencing vulnerability…

Read More Banks’ support for customers experiencing vulnerability a work in progress

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Prepared by CFA Executive Member Ian Jarratt, of Queensland Consumers Association. He can be reached at ijarratt@australiamail.com. The final report was handed to the Australian Government on 29 October 2021 and publicly released on 1 December 2021. The Government has not yet announced its response to the report. CFA and several member organisations participated in the…

Read More Productivity Commission’s Final Report on “Right To Repair” Released

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Insurers have continued to return profits gained from a reduction in claims during the COVID?19 pandemic to policyholders, but ongoing restrictions in some states delayed the full return of these profits in 2020-21, the latest ACCC annual report into the private health insurance industry has found. This is a media release from the Australian Competition & Consumer Commission (ACCC). It was…

Read More Health funds must exercise caution when calculating COVID-19 relief for policyholders

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Treasurer Josh Frydenberg’s announcement today that the Government intends to reform Australia’s payment systems is a real opportunity to improve consumer protection, according to Consumer Action Law Centre. This is a media release from the Consumer Action Law Centre. It was originally published on 8th December, 2021. “Today’s announcement foreshadows consultation on regulatory arrangements for Buy Now Pay Later (BNPL)…

Read More Tougher consumer protections at core of payments reform welcomed

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The Australian Financial Complaints Authority (AFCA) has appointed a new leader of its Code Compliance and Monitoring Team. Prue Monument has joined as General Manager of Code Compliance and Monitoring and is also the new CEO of the Banking Code Compliance Committee.  This is a media release from the Australian Financial Complaints Authority (AFCA). It was originally published on…

Read More AFCA appoints new head of code compliance

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The independent committee that monitors the Insurance Brokers Code of Practice (the Code) offers key industry insights and guidance in its newly published Annual Data Report for 2020. This is a media release from the Insurance Brokers Code Compliance Committee (IBCCC). It was originally published on 2nd December, 2021. The Insurance Brokers Code Compliance Committee (the Committee) has…

Read More Exploring the ‘why’ of Compliance and the need for culture shift

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A new survey of financial counsellors about the impact of buy now pay later (BNPL) on their clients is a wake up call to the community about this new form of debt. This is a media release from Financial Counselling Australia . It was originally published on 6th December, 2021. The report’s title says it all: It’s credit, it causes…

Read More New report shows buy now pay later debt is causing significant financial stress

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Joint campaign from WEstjustice and CHOICE improves landlord insurance recoveries processes WEstjustice and CHOICE have secured insurance industry commitments to stop the practice of unfairly pursuing renters for accidental damage. This change means that no renter in Australia should receive a bill for accidental or unintentional property damage to the homes they rent. All major…

Read More Insurers stop renter robodebt and commit to minimum standards to protect tenants

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ASIC recently completed a project reviewing insurance claims handling outcomes for consumers affected by the 2019-20 ‘Black Summer’ bushfires.  The fires were declared a catastrophe (CAT195) by the Insurance Council of Australia (ICA) on 8 November 2019. During the 2019-2020 fires thirty-three people died, more than five and a half million hectares of bushland was…

Read More ASIC encourages home insurers to be consumer-centric in handling claims this summer

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Financial Counselling Australia (FCA), Financial Rights Legal Centre and the Consumer Action Law Centre welcome the Parliamentary Joint Committee on Corporations and Financial Services’ recommendation for legislation to prohibit online gambling operators from accepting credit card funded deposits. This is a media release from the Financial Counselling Australia. It was originally published on 26th November, 2021. Yesterday the Committee released…

Read More Consumer advocates welcome recommendation for stricter controls of credit funded gambling online

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The Banking Code Compliance Committee’s (BCCC) Inquiry into Code-subscribing banks’ compliance with Chapter 45 of the Banking Code of Practice (the Code) is one of its current major monitoring activities. The obligations under Chapter 45 of the Code are key consumer protections for the representatives and next of kin of deceased customers. This is a media release from the Banking…

Read More BCCC launches deceased estates Inquiry