Finance

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After a late-night Senate sitting, Consumer Advocacy groups across Australia are celebrating the passing through the Federal Parliament of long overdue reforms that will protect consumers from falling into payday loans and consumer lease debt traps. The Financial Sector Reform Bill 2022 has finally passed after 6 years of advocacy by the Stop the Debt…

Read More Consumer protections for high-cost and harmful payday loans and consumer leases finally pass Parliament

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Health insurers have handed back to policyholders about $2.1 billion of the profits they gained from a reduction in claims between the start of the pandemic and 30 June 2022, the ACCC’s latest report into the private health insurance industry has found. Figures submitted by insurers to the Department of Health and Aged Care show…

Read More Health funds continue to return profits to meet COVID-19 commitments

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A substantial increase in significant breaches of the General Insurance Code of Practice points to a concerning trend among insurers, according to the Annual Report of the General Insurance Code Governance Committee (GICGC) published today. The 2021-22 Annual Report highlights the increase in significant breaches, noting that a large number were related to customers being…

Read More Insurers record an increase in significant breaches of the Code of Practice

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With extreme weather continuing to affect large parts of Australia, the importance of insurance is larger than ever. Following on from CFA’s webinar on UK’s System for Flood Insurance, this webinar will examine measures to improve affordability and access of general insurance, including home & contents insurance.  December 7th 20221 – 2pm AEDT This event will…

Read More Webinar: Is Insurance an Essential Service? Promoting affordability & accessibility for all

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Youpla’s liquidators also revealed the company has had over 150,000 policies active at different times between 1992 and 2019, with around 20,000 still active in 2019. This reveals the scale of the harm caused to First Nations communities and provides insight into how their exploitative model relied on ‘churning’ sign-ups and cancellations to maximise profits…

Read More New liquidator data reveals ‘targeted exploitation’ of First Nations communities through Centrepay system

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The Insurance Brokers Code Compliance Committee (IBCCC) has released an Own Motion Inquiry report examining how subscribers to the Insurance Brokers Code of Practice drive good behaviours and encourage a culture of compliance within their organisation. Following the Culture is Key report, published by the IBCCC in November 2021, the Own Motion Inquiry report is…

Read More Insurance broker company culture producing better outcomes for customers

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Buy now pay later (BNPL) products must be fully regulated as credit to protect consumers and put all credit providers on a level playing field, a coalition of consumer groups has said. The group, including CHOICE, financial counselling associations and consumer legal centres, has made the call as Treasury releases a consultation paper setting out…

Read More Buy now pay later changes must go all the way, consumer groups say

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The Banking Code Compliance Committee (BCCC) wants to hear from people about their experiences acting as a guarantor for a loan, to check whether banks have improved their practices since a BCCC inquiry last year found serious failures. The BCCC monitors banks’ compliance with the Banking Code of Practice, which includes obligations to ensure people…

Read More Consumer experiences sought for a new inquiry into guarantees

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Australians took more than 300,000 disputes to the Australian Financial Complaints Authority (AFCA) in its first four years, with consumers securing nearly $900 million in compensation and refunds. AFCA also identified and reported 227 definite systemic issues and serious contraventions of the law to federal regulators, resulting in an additional $280 million in refunds to…

Read More Australians send 300,000 complaints to AFCA in 4 years

The Customer Owned Banking Code Compliance Committee (COBCCC) has released its latest Annual Report, reporting on its activities during 2021-22. The report notes that self-reported breaches by customer owned banking institutions for the 2020-21 reporting period decreased 11% on the previous year – the first decrease in six years.  More than 568,000 customers were affected…

Read More COBCCC Annual Report 2021-22

An Albanese Government initiative to help reduce the cost of insurance in communities at risk of natural disasters, will enhance mitigation measures and drive better outcomes for insurance holders. The Hazard Insurance Partnership and Strategic Insurance Project aims to address rising insurance premiums and help communities be better prepared for disasters. Federal Minister for Emergency…

Read More Federal Government to develop standard insurance definitions and review standard cover regime

The Life Code Compliance Committee (Life CCC) welcomes the announcement of additional consumer protections for the Life Insurance Code of Practice (the Code).  The Financial Services Council (FSC) announced the first industry-wide guidelines on family and domestic violence for life insurance. From July 2023, under the new Code, life insurers must develop and publish their…

Read More Life CCC welcomes additional consumer protections