Regulator news - Consumers' Federation of Australia

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…

7 May , 2019

Telcos warned for not helping vulnerable consumers

Eleven telcos have been hit with formal warnings by the Australian Communications and Media Authority (ACMA) for failing to tell potential new customers that they do not provide Priority Assistance (PA) services, or failing to name a telco that does. The eleven telcos are Activ8me, Aussie Broadband, Dodo, Exetel, Foxtel, MyRepublic, Skymesh, Southern Phone, Spintel, TPG, and V4 Telecom.…

30 April , 2019

Scams cost Australians half a billion dollars

Australians lost almost half a billion dollars to scammers in 2018 according to the latest figures in the ACCC’s Targeting Scams report released today. “Total combined losses reported to Scamwatch and other government agencies exceeded $489 million – $149 million more than 2017,” ACCC Deputy Chair Delia Rickard said. “And these record losses are likely just the tip…

11 April , 2019

CFA and members make submissions to review of federal unit pricing regulation

CFA and several member organisations have made written submissions to the federal government’s review of the grocery industry unit pricing mandatory Code of Conduct administered by the ACCC. The Code requires most very large grocery stores and online grocery retailers to display on shelf labels, etc. the price per unit of measure of grocery products…

5 April , 2019

Budget backing for superannuation consumer advocate

The Federal Government has committed to a process to fund a superannuation consumer advocate in Tuesday night’s budget. Independent consumer groups CHOICE and the Superannuation Consumers Centre (SCC) have welcomed the Federal Government’s announcement to scope the permanent funding of a Superannuation Consumer Advocate but say this needs to be backed by a substantial long-term…

3 April , 2019

Labor proposes to increase penalties for competition law contraventions if elected

Labor will make the Australian economy fairer and more competitive by raising the penalties for competition and consumer breaches to levels in line with other advanced nations. In recent years, the Australian Competition and Consumer Commission (ACCC) has brought cases against a veritable who’s who of major firms. Telstra was fined for misleading consumers about…

3 April , 2019

Coalition issues button battery safety alert

The Morrison Government has issued a safety warning notice to the public regarding risks associated with button batteries. Button batteries, also known as coin cell batteries, are flat, round, single cell batteries, used in a broad range of personal and household products such as children’s toys, hearing aids, watches, remote controls, digital thermometers and bathroom…

2 April , 2019

APRA and ASIC publish world-leading life insurance data

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released a series of publications and an online tool allowing policyholders – for the first time – to compare life insurers’ performance in handling claims and disputes. The joint project is the culmination of more than two years of work…