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In support of Scams Awareness Week, ASIC is warning consumers of the key signs of a crypto scam and advising what to do if you’ve been scammed. Crypto scams fall into three broad categories, including: scams where you think you’re investing in a genuine asset but it’s a fake crypto exchange, website or app; fake…
Read More ASIC’s top-10 ways to spot a crypto scam
In light of rapid increases to the cost of living, the peak body for communications consumers has welcomed new measures announced in this week’s federal budget to improve the affordability of communications services and boost digital inclusion across the nation. This echoes calls made by the Australian Communications Consumer Action Network (ACCAN) to establish a…
Read More Affordability and digital inclusion measures welcomed by advocates
ACCC Chair Gina Cass-Gottlieb has welcomed the Governor General’s recent appointment of Catriona Lowe as ACCC Deputy Chair and applauded the contribution of departing Deputy Chair Delia Rickard. Ms Lowe has been appointed for a five-year term from 27 January 2023 when Ms Rickard will finish her term after more than a decade with the…
Read More ACCC pays tribute to Delia Rickard, welcomes Catriona Lowe as Deputy Chair
The Australian Government has released a factsheet to provide information on what to do if your data has been compromised in the recent Medibank and AHM cyber incident. If you think you may be affected by the breach, contact Medibank Private on 13 23 31 or AHM on 13 42 46. If you are concerned…
Read More Guidance for consumers impacted by the Medibank Private and AHM cyber incident
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A recent ASIC surveillance found that some fund managers must do more to ensure the investment performance representations in their fund’s marketing materials are appropriate. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 8th September, 2022. Thirteen responsible entities or trustees of investment funds have voluntarily…
Read More Managed funds amend their marketing following ASIC surveillance
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In part two of CHOICE’s investigation, we look at the problems faced when trying to get a repair or refund. It’s July 2022 and Marilyn and Peter are sitting in the Cairns office of the Indigenous Consumer Assistance Network (ICAN). They’ve been waiting for this day for a long time. This is an article from CHOICE.…
Read More Car sales in remote Indigenous communities: A broken system
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CHOICE travels to the remote Indigenous community of Wujal Wujal in Far North Qld to investigate dodgy motor vehicle sales. Cedric Friday says that every time he looks at his broken-down Holden Captiva it makes him angry. The second-hand car that he and his brother-in-law spent $19,000 on sits immovable in his driveway. This is…
Read More Remote Indigenous communities left with broken cars and no redress
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The Australian Securities and Investment Commission (ASIC) has today published updated and revised remediation guidance for financial firms with the goal of treating wronged customers fairer and ensuring they repay losses companies have caused in a timelier fashion. This is a media release from Consumer Action Law Centre (CALC). It was originally published on 27th September, 2022. Consumer Action…
Read More People should get their money back quicker and more easily following new ASIC guidance, say consumer advocates
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ASIC has extended its product intervention order banning the issue and distribution of binary options to retail clients until 1 October 2031. Since it came into effect on 3 May 2021, ASIC’s ban has been fully effective in preventing retail clients from losing money trading binary options in Australia. ASIC’s extension of the product intervention…
Read More ASIC’s binary options ban extended until 2031
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ASIC’s review of nearly 4800 individual disability income insurance (IDII) claims received between 1 January and 30 June 2021 has found more work is needed by insurers to ensure that consumers are protected from unfair practices in non-disclosure investigations and physical surveillances. As a result of ASIC’s review, some life insurers have made improvements to…
Read More ASIC review finds room for improvement remains with life insurance claims handling
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For the second quarter in a row, record numbers of people are very concerned about the cost of home insurance, according to new data from CHOICE. The nationally representative survey, conducted in June 2022, found that 64% of Australians were very concerned or quite concerned about the cost of home insurance. This is a media release from CHOICE.…
Read More Almost two in three Australians concerned about cost of home insurance
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Superannuation trustees are being urged to review their internal dispute resolution (IDR) arrangements after the first stage of an ASIC surveillance found indicators of significant compliance issues. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 10th August, 2022. ASIC’s surveillance examines trustees’ compliance with the new enforceable requirements…
Read More ASIC’s surveillance of internal dispute resolution in superannuation identifies concerns
