Regulator news and government inquiries

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Australians could be at risk of injuries or even death from 6.6 million individual products currently under voluntary recall, with about half of these still likely to be found in people’s homes, new figures show. Figures show that each year the ACCC is notified of about 650 consumer product recalls, but only about half of…

Read More Over a million recalled products still in circulation in Australia

A house in the right corner of the image A house in the right corner of the image

The Federal Government has directed the ACCC to immediately commence an inquiry into home loan pricing. The ACCC is to investigate a wide range of issues ranging from the rates paid by new vs existing customers, how the cost of financing for banks has affected bank decisions on interest rates, and why RBA cuts aren’t always…

Read More ACCC commences pricing transparency inquiry for home loans

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The ACCC will consider whether Australians are able to access basic broadband plans at fair and affordable prices, as part of an inquiry into NBN wholesale charges launched on Monday. The inquiry will examine wholesale prices paid by retail service providers (RSPs), which use the NBN to supply residential-grade broadband services. The ACCC’s inquiry will…

Read More Affordability of basic NBN products to be examined

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ASIC has warned Australian investors considering establishing their own self-managed superannuation fund (SMSF) to be particularly aware of the potential downside to such a strategy, and that many Australians set up SMSFs that are inappropriate for their circumstances. ASIC has identified eight ‘red flag’ situations which, together or in part, would make it extremely unlikely…

Read More ASIC urges consumers to question whether SMSFs are right for them

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The ACCC has welcomed the Federal Government’s decision to improve the safety of quad bikes by introducing a new safety standard. The decision was announced by Assistant Treasurer the Hon Michael Sukkar today. The safety standard has three elements: improved information for potential purchasers, enhanced quad bike stability, and rollover protection to reduce injuries and…

Read More ACCC welcomes new quad bike safety standard

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The ACCC has released its Customer loyalty schemes draft report for public comment. The report outlines the ACCC’s draft findings and recommendations following research and targeted consultation earlier this year. The review focussed on competition and consumer issues arising from customer loyalty schemes. There are two major findings covered in the draft report that are…

Read More Review finds customer loyalty schemes need transparency and fairness

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Australian consumers are paying too much for foreign currency conversion (FX) services because of confusing pricing and a lack of robust competition, a new ACCC report has found. The final report of the ACCC’s Foreign Currency Conversion Services Inquiry highlights important competition and consumer issues affecting individuals and small businesses who use international money transfers (IMTs), foreign…

Read More Australians paying millions too much for foreign currency services

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Consumer advocate CHOICE welcomes ASIC’s announcement today that the regulator proposes to use its new Product Intervention Powers to ban harmful investment products.  “Binary options and contracts for difference are glorified gambling dressed up by financial licensees as a safe investment. With over four in five investors losing money from binary options investments, it’s clear…

Read More CHOICE welcomes the proposed ASIC ban on risky investment products

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“Stand strong against industry pressure” is the message from CHOICE CEO Alan Kirkland following Federal Treasurer Josh Frydenberg’s announcement this morning about how the government will implement the Banking Royal Commission recommendations.  “Today the Treasurer has outlined how the government will make sure that banks, insurers and mortgage brokers act fairly and provide services that…

Read More CHOICE responds to Treasurer’s Royal Commission road map announcement

A gold watch on a table with button batteries scattered around the watch A gold watch on a table with button batteries scattered around the watch

The ACCC has established a Button Battery Taskforce to investigate ways to reduce risk to the Australian community, particularly children, of button batteries. In Australia two children have died in the past six years after swallowing a button battery, and hundreds of children suspected of swallowing button batteries have ended up in hospital emergency rooms.…

Read More Taskforce to investigate stronger button battery safety

Black computer screen reading 'security' in blue with cursor hovering over word Black computer screen reading 'security' in blue with cursor hovering over word

Australians are set to lose a record amount to scams in 2019, with projections from losses reported to Scamwatch and other government agencies so far expected to exceed $532 million by the end of the year, surpassing half a billion dollars for the first time. This year’s National Scams Awareness Week (12-16 August) theme is “too smart…

Read More Record losses expected as scammers target Australians

A chicken sitting in a barn next to two eggs A chicken sitting in a barn next to two eggs

The ACCC is inviting interested parties to comment on the Humane Farm Animal Care’s application to register a certification trademark (CTM) in Australia. The CTM intends to certify that animal derived products bearing the mark have complied with a range of Humane Farm Animal Care’s livestock and poultry welfare standards.  The mark bears the words…

Read More Humane Farm Animal Care application to register a CTM: invitation to comment