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 [...]
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. [...]
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 [...]
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 [...]
'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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
CHOICE says global companies need to stop pushing consumers into signing off on long, unreadable online contracts Consumers' Federation of Australia member CHOICE is calling on the Federal Government to stop companies from forcing consumers to accept tens-of-thousands of words of complex requirements, just to use a product, after a review of e-reader terms and [...]
CHOICE says consumers have lost $3.49 billion because credit card interest rates haven’t moved in line with the cash rate As the banks front a Parliamentary Inquriy this week to explain their poor practices, new research from CHOICE reveals their failure to pass on the official interest rate cuts to their credit card customers has [...]
The Chairman of the Australian Competition and Consumer Commission Rod Sims says 2017 will see its enforcement teams hone in on misleading and deceptive practices, anti-competitive conduct and unfair contract terms affecting small businesses. Speaking at a Committee for Economic Development of Australia (CEDA) event in Sydney today, Mr Sims launched the ACCC’s 2017 Compliance [...]
