Finance

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On Friday 24th September the Australian Securities & Investments Commission (ASIC) released a report on the state of competition in Australia’s funds management industry. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 24th September, 2021. ASIC commissioned independent research by Deloitte Access Economics (Deloitte) to examine competition between…

Read More ASIC release report on competition in the Australian funds management industry

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Telecommunications and credit and personal finance providers were found to be joint wooden spoon winners in a 2020 Sector Scorecard developed by Consumer Policy Research Centre and Roy Morgan. By delivering the joint worst customer experience overall these sectors have let down their customers when they most needed support. This highlights the need for increased…

Read More Telcos and credit providers fail consumers during COVID-19, says new scorecard

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The Banking Code Compliance Committee (BCCC) today released a report indicating that banks would comply with their direct debit obligation under the Banking Code of Practice (the Code) in only 71% of cases. In March 2021, the BCCC conducted a mystery shopping exercise into banks’ compliance with their obligation to promptly cancel a customer’s direct debit on…

Read More Banking Code Committee concerned by direct debits compliance

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The independent committee that monitors the Customer Owned Banking Code of Practice (the Code) has released its Annual Report for a year marked by the ongoing challenges arising from the COVID-19 pandemic and expectations of the financial services industry to embed extensive regulatory changes stemming from the Financial Services Royal Commission. This is a Customer…

Read More Customer Owned Banking Code Compliance Committee releases Annual Report for 2020-21

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Represent the consumer or community perspective on the Insurance Brokers Code Committee who monitor and enforce compliance with the Insurance Brokers Code of Practice. Initial term of 3 years with eligibility for re-appointment Annual salary of $27,050 inclusive of super About the opportunity The Insurance Brokers Code Compliance Committee (IBCCC) is an independent body that…

Read More Consumer Representative opportunity: Insurance Brokers Code Compliance Committee

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A coalition of the country’s leading consumer organisations is calling on Australia’s major banks to make significant updates to their industry code to improve outcomes for customers. The Consumers’ Federation of Australia’s (CFA) submission of behalf of the coalition to the 2021 review of the Australian Banking Association (ABA) Banking Code of Practice (the Code)…

Read More Banks can do better: Consumer groups make more than 100 recommendations to improve bank behaviour

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The independent committee that monitors the Insurance Brokers Code of Practice (the Code) has released its Annual Report for 2020–21, a year marked by the continued impact and disruptions of COVID-19, the torrent of legislation following the Financial Services Royal Commission and the unprecedented risk challenges facing the insurance industry. This is an Insurance Brokers Code…

Read More Insurance Brokers Code Compliance Committee releases Annual Report for 2020–21

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The majority of money remitters reviewed by the ACCC are now giving consumers the tools they need to easily compare the total price of international money transfers. This is an Australian Competition & Consumer Commission (ACCC) media release, originally published on 10th August, 2021. The ACCC recently reviewed the take-up of its best practice guidance for…

Read More Money remitters improve price transparency after ACCC inquiry

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In a report released on the 11th of August, the Banking Code Compliance Committee (BCCC) highlighted serious concerns about banks’ failure to consistently comply with the 2013 Code’s guarantee obligations. This is a Banking Code Compliance Committee (BCCC) media release, originally published on 11th August, 2021. For the first time in a BCCC Inquiry, a sub-set of…

Read More Banking Code Compliance Committee critical of banks’ guarantees practices

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CHOICE and WEstJustice have called for regulatory intervention to stop insurance companies unfairly pursuing people who rent for claims made on landlord insurance.  This is a CHOICE and WEstJustice media statement, originally published on 6th August, 2021. Read the full investigation. The advocacy groups have presented finance regulator ASIC with evidence of insurers pursuing debts…

Read More Insurers targeting people who rent with unjust bills over $300,000

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Financial Rights Legal Centre is calling on the Australian Government to halt the introduction of new rules that will increase privacy and security risks for people when sharing their financial data. This is a Financial Rights Legal Centre media release, originally published on 30th July, 2021. The government should rescind proposals to: allow the transfer…

Read More Government must go back to the drawing board on new Open Banking rules that undermine Australians’ privacy rights