ASIC - Consumers' Federation of Australia

8 August , 2022

How ‘bad credit’ lender Cigno has dodged ASIC’s grasp

Cigno is exactly the sort of business the Australian Securities and Investments Commission had in mind when it asked for stronger powers to ban the sale of harmful financial products. This is a news item from The Conversation. It was originally published on 5th August, 2022. If you are experiencing financial hardship contact the National Debt Helpline on 1800…

8 July , 2022

ASIC helps credit providers protect victims of family violence

ASIC has adopted a temporary no-action position to enable large banks (‘eligible licensees’) to withhold the reporting of certain credit information on consumer credit reports where reporting the information could lead to consumer harm, including where a consumer may be the victim of family violence. This is a media release from the Australian Securities & Investments Commission (ASIC).…

27 January , 2022

Time to finally end the harm done by Cigno loans

Consumer groups and financial counsellors are urging the Australian Securities and Investments Commission (ASIC) to act now to put an end to the use of harmful lending models used to charge excessive fees on top of short-term loans. This is a media release from Consumer Action Law Centre (CALC). It was originally published on 24th January, 2022. For over…

6 January , 2022

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

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…

2 December , 2021

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

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…

18 November , 2021

Why do we need a whistleblowing management system?

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…

8 November , 2021

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

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…

2 November , 2021

Major super funds still clinging to junk insurance

Super Consumers Australia is today calling on funds like NGS, Prime Super and Spirit Super to dump junk insurance terms that are putting Australians at risk. The call comes after a sustained campaign over the last two years that has seen over half the market remove or dramatically reduce the impact of this junk insurance.…

27 September , 2021

ASIC release report on competition in the Australian funds management industry

On Friday 24th September the Australian Securities & Investments Commission (ASIC) released a report on the state of competition in Australia’s funds management industry. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 24th September, 2021. ASIC commissioned independent research by Deloitte Access Economics (Deloitte) to examine competition between…

26 August , 2021

Insurance Brokers Code Compliance Committee releases Annual Report for 2020–21

The independent committee that monitors the Insurance Brokers Code of Practice (the Code) has released its Annual Report for 2020–21, a year marked by the continued impact and disruptions of COVID-19, the torrent of legislation following the Financial Services Royal Commission and the unprecedented risk challenges facing the insurance industry. This is an Insurance Brokers Code…

9 August , 2021

Insurers targeting people who rent with unjust bills over $300,000

CHOICE and WEstJustice have called for regulatory intervention to stop insurance companies unfairly pursuing people who rent for claims made on landlord insurance. This is a CHOICE and WEstJustice media statement, originally published on 6th August, 2021. Read the full investigation. The advocacy groups have presented finance regulator ASIC with evidence of insurers pursuing debts…

7 April , 2021

ASIC bans the sale of binary options to retail clients

ASIC has made a product intervention order banning the issue and distribution of binary options to retail clients. The ban will take effect from Monday 3 May 2021 after ASIC found that binary options have resulted in and are likely to result in significant detriment to retail clients. This is an ASIC media release, originally published…