Regulator news and government inquiries

//Regulator news and government inquiries

Car Companies Caught Refitting Lethal Airbags – CHOICE

A CHOICE investigation into the largest automotive recall in Australian history has found Toyota, Mazda, BMW, Lexus and Subaru have been refitting vehicles with potentially faulty airbags and have failed to inform consumers of the ongoing risk of death or injury. “With 2.3 million vehicles in Australia requiring their potentially lethal Takata airbags to be replaced, it’s [...]

By | July 27th, 2017|CHOICE, Motor vehicles|0 Comments

Federal Government Silent on Debt Vulture Warnings

It has been eighteen months since the Australian Securities and Investments Commission (ASIC) warned the Federal Government that so-called "debt management" firms are engaging in misleading and predatory conduct. The Consumer Action Law Centre wrote to the Federal Government shortly afterwards, calling for better regulation in the sector, but have yet to receive a response. [...]

By | July 25th, 2017|ASIC, Everyday Consumer, Finance|0 Comments

ASIC Taskforce Signals Shift from Self-Regulation in Finance Industry

The Australian Securities and Investments Commission (ASIC) Enforcement Review Taskforce is conducting consultations on a number of proposed reforms to improve the enforcement powers of ASIC. The Taskforce  has just released a series of consultation papers. Recent media reports and Parliamentary inquiries have revealed the impact that poor financial services practices have on people's lives, leading to intense regulatory scrutiny and reduced consumer confidence. One of the key [...]

By | July 10th, 2017|ASIC, Finance|0 Comments

CHOICE Says Look Past The Lifetime Health Cover Hype

CHOICE says young Australians shouldn’t feel pressured into taking out health insurance just to avoid paying Lifetime Health Cover loading New CHOICE analysis has found taking out poor value health insurance, simply to avoid a future loading on premiums, may ultimately leave consumers worse off. “As the end of financial year approaches, health insurance and [...]

By | July 4th, 2017|CHOICE, Health|0 Comments

‘Independent’ Means Independent – ASIC Clarifies Financial Adviser Terms

'Independent', 'independently owned', 'non-aligned' - financial advisers use a variety of terms to promise a lack of conflict of interest. But what do these terms mean? And what is required before an adviser can lawfully use them? ASIC has clarified its position on the use of restricted terms relating to the independence of financial advisers after seeking [...]

By | July 3rd, 2017|ASIC, Finance|0 Comments

Product Measurement Labelling Laws Under Review

The laws that regulate the way in which measurement is marked on product packaging are under review. The Commonwealth Department of Industry, Innovation and Science is conducting the review as the authority responsible for trade measurement regulation. The National Trade Measurement Regulations 2009 Part 4 describe how the name and address of the manufacturer, as well as the weight of the [...]

Consumer Advocates Respond to ACL Review

Consumer advocates have responded to the Australian Consumer Law Review conducted by Consumer Affairs Australia and New Zealand, noting some great wins for Australian consumers. Consumer Action Law Centre (CALC) CEO Gerard Brody said in a media release that there are some important changes on the horizon. ‘The Final Report proposes to make insurance contracts [...]

By | April 28th, 2017|CHOICE, Consumer Law, Report|0 Comments

Ending the Ticket Rip-off

Consumer groups launch international survey of ticket resellers to address world-wide rorts CHOICE is leading a coalition of consumer groups in launching an international survey of the ticket resale market to stop consumers being ripped off by the likes of Viagogo, Stubhub and Ticketmaster Resale. “From outrageous ticket price mark-ups of up to 327% to [...]

By | April 13th, 2017|CHOICE, Consumer protection|0 Comments

ACCC to monitor Australia’s broadband performance

The Australian Competition and Consumer Commission has welcomed the Federal Government’s announcement that it will fund a new broadband performance monitoring program to provide Australian consumers with accurate and independent information about broadband speeds. The program will use hardware-based devices to perform remote testing of around 4,000 households to determine typical speeds on fixed-line NBN [...]

By | April 7th, 2017|ACCC, NBN, Regulator news|0 Comments

Victoria considers prohibitions on rent-to-buy homes and residential vendor finance

Consumer Affairs Victoria is asking for feedback to help shape the laws that control how Victorians buy and sell property. A new options paper presents a range of possible reforms to modernise and improve Victoria’s 55-year-old Sale of Land Act 1962 (the Act). “Victoria’s property market is booming, and it’s essential the Sale of Land [...]

Standards Australia releases Issues Paper to support APEC’s Silver Economy

Standards Australia has released an Issues Paper titled The Role of Standards and Innovation for Driving APEC’s Silver Economy, providing insights to assist Asia-Pacific Economic Cooperation (APEC) member economies to prepare for the challenges and opportunities created by ageing societies. In 2016, Standards Australia and the Department of Industry, Innovation and Science, on behalf of [...]

By | March 25th, 2017|Ageing, Regulator news and government inquiries, Standards|0 Comments

Mortgage broker mayhem

CFA members CHOICE, Consumer Action Law Centre and Financial Rights Legal Centre are calling on the federal government to act on conflicted remuneration in the mortgage market following an ASIC report that found widespread conflicts of interest for brokers and bank staff have led to an aggressive sales culture and poor outcomes for borrowers.[1] Quotes [...]

By | March 18th, 2017|ASIC, Credit|0 Comments