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ASIC has made a product intervention order banning the issue and distribution of binary options to retail clients. The ban will take effect from Monday 3 May 2021 after ASIC found that binary options have resulted in and are likely to result in significant detriment to retail clients. This is an ASIC media release, originally published…
Read More ASIC bans the sale of binary options to retail clients
Wooden house, piggy bank, magnifying glass
Data reveals postcodes flooded with complaints about loans as Government plans to remove lending protections An analysis by consumer group CHOICE has revealed over 31,000 complaints have been made about credit products since the end of the Banking Royal Commission’s hearings. The analysis comes as crossbench Senators in Federal Parliament decide on a government proposal…
Read More 31,000 credit complaints since Banking Royal Commission
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In his annual address to Committee for Economic Development Australia (CEDA), ACCC Chair Rod Sims announced the ACCC’s compliance and enforcement priorities for 2021. This annual review of ACCC priorities for the next 12 months has become a vital component of the ACCC’s strategic approach to compliance and enforcement work and its delivery, as well…
Read More ACCC 2021 Compliance and Enforcement Priorities Announced
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Australians reported a record-breaking $37 million lost to Scamwatch last year for dating and romance scams. Total losses are expected to be much higher and scammers are now using dating apps to lure victims into investment scams. This is an ACCC Media Release. This new technique, called romance baiting, involves scammers meeting people on dating…
Read More Romance baiting scams on the rise
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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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Consumer advocate CHOICE has released a statement in response to ASIC’s updated regulatory guide on time-sharing schemes, stating that ASIC has failed to clean up the harmful timeshare industry. The following is a CHOICE media release. “ASIC’s new rules for timeshare schemes have failed to protect consumers. ASIC has taken years to assess the regulations…
Read More “Failed to protect consumers”: CHOICE on ASIC’s timeshare regulations
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New analysis commissioned by the Australian Communications Consumer Action Network (ACCAN) shows that urgent action is needed to address the digital divide in remote Indigenous communities in the wake of COVID-19 lockdowns. This is an ACCAN Media Release While much of the nation turned to digital services such as videoconferencing and telehealth during the rolling…
Read More New research highlights urgent need to close digital divide for Indigenous communities
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The Australian Communications and Media Authority (ACMA) has today registered new rules that require telcos to detect, trace and block scam calls. The Reducing Scam Calls Code, developed by the telco industry, was a direct recommendation of the ACMA’s Combating Scams Action Plan. This is an ACMA Media Release The ACMA has worked closely with telcos and peak…
Read More New rules to detect, trace and block scam calls
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Financial counsellors around Australia welcome yesterday’s announcement by the ACCC that Telstra and the ACCC will be asking the Federal Court to impose a penalty of $50 million on the telco. The penalty relates to unconscionable conduct in its’ dealings with 108 Indigenous customers. This is a media release by Financial Counselling Australia. Telstra has admitted…
Read More Financial counsellors welcome announcement of court proceedings concerning unconscionable conduct by Telstra against Indigenous customers
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Australia’s leading consumer advocate has announced the recipients of the 15th annual CHOICE Shonkys. “In the sixtieth year of CHOICE, it’s fitting that the 2020 Shonkys uncover and call out practices from companies taking advantage of their customers,” says CHOICE CEO Alan Kirkland. “Whether it’s complex financial products designed to trap people in debt or…
Read More Pathetic purifiers, Harvey Norman’s credit card traps and cleaners worse than water: Shonkys 2020
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ASIC has commenced proceedings in the Federal Court against ACBF Funeral Plans Pty Ltd (ACBF Funeral Plans) and Youpla Group Pty Ltd (Youpla Group) for alleged contraventions of the ASIC Act. ACBF Funeral Plans, a wholly owned subsidiary of Youpla Group, offered, promoted and sold the Aboriginal Community Funeral Plan (ACF Plan), a funeral expenses…
Read More ASIC commences proceedings against ACBF Funeral Plans and Youpla Group concerning funeral expenses insurance
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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
