Regulator news

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ASIC has released an update on its work in the six-month period from September 2019 to February 2020, including its response to the referrals and recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). It follows previous updates on ASIC’s response to the Royal Commission’s recommendations…

Read More ASIC releases update on its enforcement and regulatory work

An open door with keys hanging in the lock An open door with keys hanging in the lock

ASIC has today started a four week consultation on draft guidance about the new best interests duty for mortgage brokers. The new obligations were legislated by the Parliament in response to Recommendation 1.2 of the Royal Commission. From 1 July, the obligations will require mortgage brokers to act in the best interests of consumers and to…

Read More ASIC consults on draft guidance on the new best interests duty for mortgage brokers

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ASIC has released the findings from its recent review of superannuation trustees’ communications with their members about changes introduced through the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP). The PYSP reforms were introduced to protect the superannuation savings of Australians from erosion due to inappropriate fees and insurance premiums as well as to reduce unintended…

Read More ASIC releases report reviewing trustees’ PYSP communications

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CHOICE is calling on the government to introduce tighter product safety laws, following an alarming number of infant deaths linked to inclined sleepers in the US. CHOICE experts say that based on research conducted in the US, inclined sleepers are so dangerous for young babies that they should be completely avoided. Two inclined sleeping products…

Read More Inclined sleepers: A tragedy waiting to happen in our homes

The dashboard of a car; the airbags have deployed and are deflated The dashboard of a car; the airbags have deployed and are deflated

About 3.56 million defective Takata airbags have now been replaced as part of the compulsory recall, but more than seven per cent remain outstanding and the ACCC is urging consumers not to ignore or delay responding to recall notices.    Figures released on Friday show about 3.56 million airbags in 2.59 million vehicles were rectified as…

Read More More than 250,000 vehicles with defective Takata airbags remaining for replacement

A view of the steering wheel of a car from behind the driver A view of the steering wheel of a car from behind the driver

ACCC Media Release 3/20: Honda and Mitsubishi have commenced voluntary recalls for vehicles manufactured between 1996 and 2000 due to a serious safety concern relating to faulty airbags. These vehicles may have been fitted with potentially deadly Takata NADI 5-AT airbags. There is a risk these airbags may misdeploy in an accident and cause metal…

Read More Honda and Mitsubishi recall 42,000 cars due to serious airbag safety risk

The dashboard of a car, both of the front airbags have deployed The dashboard of a car, both of the front airbags have deployed

The ACCC is warning Australian consumers about a new safety risk in using certain vehicles fitted with a different type of faulty Takata airbag. These airbags, which are fitted with a NADI 5-AT propellant, are not captured under the existing compulsory recall of Takata airbags.  There is a serious safety risk that these NADI airbags…

Read More Consumers warned of new airbag safety risk

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Consumer Action Law Centre (Consumer Action) and Financial Rights Legal Centre (Financial Rights) say ASIC’s overhaul of its responsible lending guidance is a welcome announcement in the wake of the devastating consumer harm exposed during the Banking Royal Commission.  Too many lenders, including banks, finance companies, payday lenders, and consumer lease providers have not effectively complied with legal obligations to ensure they do not provide borrowers with unsuitable loans. ASIC’s updated responsible lending guidance make existing laws clearer, easier to enforce and will help to hold…

Read More ASIC’s overhaul of responsible lending guidance should focus lenders on the welfare of borrowers

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Consumer regulators have today released a report on their collaborative efforts in administering the Australian Consumer Law (ACL) over the last twelve months. The report shines a light on some of the key policy, education and enforcement activities undertaken by the members of Consumer Affairs Australia and New Zealand (CAANZ) during the 2018-19 financial year,…

Read More Australian Consumer Law collaboration benefits consumers

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The Australian Communications and Media Authority (ACMA) has released its Combating Scams report which recommends new enforceable obligations on telcos and the immediate commencement of trials for a number of scam reduction initiatives. The trials aims to reduce common phone scams such as malicious ‘spoofing’, where scammers disguise their number to make it look like…

Read More ACMA recommends immediate action to combat scams