Regulator news

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The Federal Court has ordered four companies in the Mayfair 101 Group to pay a combined penalty of $30 million for misleading advertising. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 22nd December, 2021. In March 2021, the Court found Mayfair Wealth Partners Pty Ltd and Online Investments Pty…

Read More Mayfair 101 Group to pay $30 million penalty for misleading advertising

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Need to know Rapid antigen tests are being sold at inflated prices by some retailers The ACCC is investigating the price gouging Advocates say stronger price-gouging protections are needed for consumers This is a media release from CHOICE. It was originally published on 5th January, 2022. It was only a few weeks ago that COVID-19 rapid antigen tests (RATs)…

Read More Price gouging: COVID-19 rapid antigen test prices soar

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The Australian Energy Regulator (AER) is consulting on a bold new strategy, launched today for consultation, to improve outcomes for consumers experiencing vulnerability and help them stay engaged with the rapidly transforming energy market. This is a media release from the Australian Energy Regulator (AER). It was originally published on 20th December, 2021. Latest energy debt figures show a 56% increase…

Read More Financial issues ‘just the tip of the iceberg’ in supporting energy consumers, prompting new tactics from the AER

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Prepared by CFA Executive Member Ian Jarratt, of Queensland Consumers Association. He can be reached at ijarratt@australiamail.com. Recently, the UN’s Food and Agriculture Organisation (FAO) published two reports, aimed to support, and showcase the work of Consumer Organizations around the globe on The Right to Adequate Food. The reports are: Consumer Organizations and the Right to…

Read More FAO publishes reports on consumer organizations and the Right to Adequate Food

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Joint campaign from WEstjustice and CHOICE improves landlord insurance recoveries processes WEstjustice and CHOICE have secured insurance industry commitments to stop the practice of unfairly pursuing renters for accidental damage. This change means that no renter in Australia should receive a bill for accidental or unintentional property damage to the homes they rent. All major…

Read More Insurers stop renter robodebt and commit to minimum standards to protect tenants

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ASIC recently completed a project reviewing insurance claims handling outcomes for consumers affected by the 2019-20 ‘Black Summer’ bushfires.  The fires were declared a catastrophe (CAT195) by the Insurance Council of Australia (ICA) on 8 November 2019. During the 2019-2020 fires thirty-three people died, more than five and a half million hectares of bushland was…

Read More ASIC encourages home insurers to be consumer-centric in handling claims this summer

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New research from the Australian Communications Consumer Action Network (ACCAN) has revealed that almost three in four Australians agree that it needs to be easier to make a complaint and to get their issues resolved when dealing with digital platforms such as Facebook, WhatsApp, eBay, and Service NSW. This is a media release from the Australian Communications Consumer…

Read More New research finds nearly three-quarters of Australians want better complaints handling from digital platforms

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Whistleblowers play an important role in identifying and calling out misconduct and harm to consumers and the community. The Australian Securities & Investments Commission (ASIC) identifies the obligations of companies under the Corporations Act if they receive a report from a whistleblower and the requirement to have a whistleblowing policy. Whistleblowing processes – or systems for encouraging…

Read More Why do we need a whistleblowing management system?

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The Australian Securities and Investments Commission (ASIC) should immediately investigate how life insurers treat people with past or current mental health conditions, in response to continuing widespread discrimination by life insurers. This is a media release from the Public Interest Advocacy Centre. It was originally published on 8th November, 2021. This is a key recommendation of Mental Health Discrimination…

Read More Mental health discrimination by insurers: new report calls for urgent ASIC investigation

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More than 350 partners across government, private and community organisations have joined the fight against scams in this year’s national Scams Awareness Week (8-12 November) under the theme “let’s talk scams”. This is a media release from the Australian Competition & Consumer Commission (ACCC). It was originally published on 8th November, 2021. “The more we talk about scams, the more awareness we…

Read More ‘Stop scams. Speak up’ – Scams Awareness Week 2021

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Reform urgently needed to give Australians clear and fair rights when travel has to be cancelled  New CHOICE research has revealed that only 23% of Australians feel confident to make travel plans in the next 12 months. This is a media release from CHOICE. It was originally published on 26th October, 2021. This statistic is not surprising, given…

Read More New research reveals only 23% of Australians feel confident making travel plans in next 12 months: CHOICE