Regulator news and government inquiries - 2/50 - Consumers' Federation of Australia

1 September , 2020

Major reform agenda underway for the food regulation system

The Australia and New Zealand Ministerial Forum on Food Regulation has begun a reform agenda for the food regulation system aimed at ensuring that it remains strong, robust and agile into the future. The reform agenda is being progressed via several interconnected projects and will include stakeholder engagement. The projects are: 1. Review of the…

18 August , 2020

ASIC warns Indigenous consumers about scams

The Australian Securities and Investments Commission, as one of the agencies responsible for the National Indigenous Consumer Strategy (NICS), urges Indigenous consumers to be wary of scams, including anyone calling them out of the blue asking for personal details or offering investment opportunities. As part of National Scams Awareness Week, which began on 17 August…

7 August , 2020

Superannuation trustees compensate members wrongly classified as ‘smokers’

Superannuation trustees that were classifying new members as ‘smokers’ by default and charging them higher life insurance premiums have ceased this practice, and some trustees have remediated members for the extra premiums paid. Between 2017 to 2020, ASIC engaged with seven superannuation businesses, (comprising nine superannuation trustees) that had been, either at the time or…

4 August , 2020

Participate in the Country of Origin Food Labelling Consultation

The Federal Government has begun an evaluation of Australia’s country of origin food labelling system to make sure it’s working for Australian consumers. The evaluation of country of origin labelling for food will consider if the labels are helping consumers make more informed choices, as well as clarifying the origin claims that businesses can make,…

29 July , 2020

ACMA moves to protect Australians from phone scams

The Australian Communications and Media Authority (ACMA) today launched the next phase of its action plan to combat scams, unveiling a suite of new resources designed to help Australians protect themselves on their home and mobile phones from scams. Chair of the ACMA’s Scam Taskforce Fiona Cameron said scammers are using the COVID-19 pandemic to take advantage of…

10 July , 2020

COVID job losses leading to people paying for junk insurance

Super Consumers Australia urges insurers to drop discriminatory policies that don’t protect the unemployed or people working limited hours. Super Consumers Australia has warned that the insurance industry will put approximately 343,000 people at financial risk if it doesn’t take action by the end of September. The warning comes after the Financial Services Council promised…

8 July , 2020

Banks Announcement of Further Assistance for Customers a Timely Relief: Consumer Groups

Today’s announcement by the banking industry of further assistance to help customers experiencing financial hardship will provide some important relief to those who continue to be impacted by COVID-19. CHOICE, Financial Rights Legal Centre, Consumer Action Law Centre and Financial Counselling Australia are at the forefront of helping people impacted by COVID-19, particularly people doing…

1 July , 2020

Consumer Data Right goes live for data sharing

Consumers can now choose to share their banking data to access more personalised financial products and services following the launch of the Consumer Data Right today. All four major banks are capable of sharing their customers’ data, when requested by the customer. Other authorised deposit-taking institutions will join the Consumer Data Right over the coming…

1 July , 2020

New protections for energy customers take effect

Victorian energy consumers can now sign up to a new energy deal with the assurance that prices won’t increase more than once every 12 months, with new rules taking effect today. The change is one of many energy reforms to begin on 1 July and mean retailers can no longer engage in ‘bait and switch’…

29 June , 2020

New research shines light on how consumers understand electricity offers

The Australian Energy Regulator (AER) and Australian Competition and Consumer Commission (ACCC) on Friday published Testing Comprehension of the Reference Price, research jointly commissioned from the Behavioural Insights Team (BIT). This research provides new insights about the ways consumers understand electricity offers and the AER and the ACCC will use these insights to consider how…

25 June , 2020

Consumers urged to look out for unexpected international transaction fees

Consumers should look out for unexpected international transaction fees when buying online from major brands, the ACCC has warned. Even websites with a .com.au domain name or that appear to be Australian based may process transactions overseas, meaning consumers can get charged an international transaction fee even for a purchase made in Australian dollars. The…

24 June , 2020

Rise in investment scams during COVID-19 pandemic

ASIC has seen a rise in the number of investment scam reports from Australian consumers and investors during the COVID-19 (coronavirus) pandemic. Reports of misconduct received by ASIC from March to May 2020 are up 20% compared to the same period last year. ASIC Executive Director for Assessment and Intelligence Warren Day said economic uncertainty…