Finance

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Corporate regulator slams banks’ school marketing schemes as CHOICE calls on State and Territory Education Ministers to ditch Dollarmites. This is a CHOICE Media Release “CHOICE welcomes ASIC’s comprehensive review into school banking programs. This is the first time ever in over a century that these school-based marketing schemes have been reviewed,” says CHOICE CEO…

Read More “Nothing more than marketing schemes”: CHOICE on ASIC’s review of school marketing programs

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According to a new report released yesterday by Consumer Action Law Centre, approximately 1.4 to 1.9 million Australians have paid for debt management or credit repair services in the last 12 months. These companies are known as ‘debt vultures’ as they often target people in financial hardship with poor quality debt advice and services. This a Consumer…

Read More Up to 1.9 million Australians paid debt vultures in the last 12 months: Consumer Action Law Centre

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Consumer groups welcome yesterday’s passage of Royal Commission recommendations into law, but condemn the government for introducing the law to axe safe lending laws into the House. This is a joint media release by CHOICE, Consumer Action, Financial Counselling Australia and Financial Rights Legal Centre. “This week the government has proposed to slightly strengthen and…

Read More Consumer groups comment on Banking Royal Commission reforms

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Insurers have paid out $500 million less in hospital and extras benefits in 2019-20 compared to the previous year, the latest ACCC annual report into the private health insurance industry has found. This is an ACCC Media Release. The reduced benefit payout was the result of government-imposed restrictions in response to the COVID-19 pandemic, which limited non-urgent…

Read More Health funds pay policyholders $500 million less due to COVID-19

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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 natural disasters and the COVID-19 pandemic, along with extensive regulatory changes stemming from the Financial Services Royal Commission. This is a Customer Owned Banking Code Compliance Committee Media Release Customer owned…

Read More Customer Owned Banking Code Compliance Committee releases Annual Report for 2019-20

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Consumer data released by the Consumer Policy Research Centre (CPRC) reveals a growing proportion of young Australians left vulnerable as they face a future of mounting debt due to the lasting impact of COVID-19. This is a CPRC Media Release After 6 months of steep financial challenges, many young consumers have turned to unsustainable practices to get…

Read More Young people wading in sea of debt as they bear the brunt of COVID-19

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The Consumers’ Federation of Australia has joined organisations and prominent individuals nation-wide in an open letter calling for Senators to block the weakening of safe lending laws. The following is a CHOICE media release. Axing safe lending laws will be bad for people, bad for the economy and directly contradict the first recommendation of the…

Read More 122 organisations join together to oppose Government’s plan to axe safe lending laws

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About the opportunity The Banking Code Compliance Committee (BCCC) is an independent body that monitors banks compliance with the Banking Code of Practice, helping banks create a better banking experience for customers. The BCCC’s work is supported by a dedicated team of staff at the Australian Financial Complaints Authority (AFCA) that provide Code monitoring and…

Read More Consumer Representative Opportunity – Banking Code Compliance Committee

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A year that began with bushfires and floods before being overwhelmed by the global pandemic has set unprecedented challenges for Australian insurance brokers. These will only intensify as the new “normal” unfolds, especially given many broking firms are small businesses themselves. “Who, in their wildest imagination, could have created a ‘risk model’ equivalent to this…

Read More Rising to meet the challenges: Insurance Brokers Code Compliance Committee releases Annual Review of 2019-20

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Consumer advocacy group Super Consumers Australia welcomes the ‘Your Future, Your Super’ reforms announced in the Federal Budget tonight. “Overall, the government’s ‘Your Future, Your Super’ reforms create a better superannuation system for consumers and lift standards across the sector. These reforms will leave more people with more money in retirement,” says Xavier O’Halloran, Director…

Read More Reforms will leave Australians with more in retirement: Super Consumers Australia

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Removing credit protections will cause harm to people and the economy  CHOICE, Consumer Action Law Centre, Financial Counselling Australia and Financial Rights Legal Centre have responded to the Government’s announcement that it will remove credit protections for borrowers saying right now what people need is more income, not more debt. Government’s proposed reforms will remove bank responsibility…

Read More Consumer groups slam move to remove responsible lending laws

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The Australian Financial Complaints Authority (AFCA) has updated its online comparative reporting tool, the AFCA Datacube, to include information about all financial complaints lodged with it from 1 July 2019 to 30 June 2020. This allows historical comparison with complaints data from AFCA’s inception on 1 November 2018. The AFCA Datacube allows anyone to see how…

Read More AFCA Datacube updated with latest complaint statistics