Regulator news - Consumers' Federation of Australia

23 August , 2019

CHOICE welcomes the proposed ASIC ban on risky investment products

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…

19 August , 2019

CHOICE responds to Treasurer’s Royal Commission road map announcement

“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…

16 August , 2019

Taskforce to investigate stronger button battery safety

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.…

13 August , 2019

Record losses expected as scammers target Australians

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…

8 August , 2019

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

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…

5 August , 2019 0 comments

Call for nominations for the ACCAN Board

ACCAN is seeking nominations for Directors to fill three (3) vacancies on its Board. In accordance with the ACCAN Constitution, the 2019-2020 ACCAN Board will consist of nine (9) members1. Six (6) positions are continuing Directors from the 2018-2019 Board. Three (3) Directors are retiring from the Board but may be eligible for re-election as…

26 July , 2019

Safety review of baby bouncers, rockers and inclined sleep products

The ACCC has begun a safety review of products designed for infants such as bouncers, rockers and inclined sleep products. The market review will be on inclined baby products used for sleeping, where the baby’s head and back are inclined, and may include a harness or belt to secure the baby into the product. The…

11 July , 2019

Consumer advocates welcome ASIC intervention in Short Term Credit Market

Financial Rights Legal Centre (Financial Rights), Consumer Action Law Centre (Consumer Action) and Financial Counselling Australia (FCA) have welcomed the Australian Securities and Investment Commission’s (ASIC’s) announcement that it will consult on using new Product Intervention Powers to intervene in the short term credit industry. The new product intervention power allows ASIC to intervene where…

11 July , 2019

Regulator slams ‘junk insurance’ sold by banks as Aussies demand over $2 million in refunds

The Australian Securities and Investments Commission (ASIC) report released today confirms that consumer credit insurance, commonly tacked on when taking out a loan or credit card, is junk. This news comes as Australians demand over $2 million worth of refunds after being ripped off by junk insurance through Consumer Action’s DemandARefund tool. ASIC’s report…

3 July , 2019

Telecommunications Consumer Protection Code inadequately protects consumers: consumer groups

The revised Telecommunications Consumer Protection (TCP) Code fails to adequately protect telco consumers, according to consumer groups. Despite consultation with the telco industry and regulator, consumer groups including ACCAN, Consumer Action Law Centre, WEstjustice, Financial Counselling Australia, Financial and Consumer Rights Council, Financial Rights Legal Centre, Money Mob, and HK Training and Consultancy, consider that…

20 May , 2019

CFA Webinar Series

CFA’s quarterly webinar series will continue on Friday 14th June from 2-3pm AEST. The webinar will be hosted by Gerard Brody, CFA Chair and CEO of Consumer Action Law Centre, and Gemma Mitchell, Managing Solicitor at Consumer Credit Legal Service WA. Gerard and Gemma will share reflections and insights from their recent travels to Portugal for the Consumers International Summit, which…

14 May , 2019

New report tracks internet activity on mobile and fixed lines

Mobile handsets continue to be the most common way consumers are accessing the internet while the largest volume of data is downloaded over fixed lines, as shown in a new ACCC data report on internet activity. The report, for the period ending 31 December 2018, also provides information on the number of retail services in operation…