ASIC

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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…

Read More APRA and ASIC publish world-leading life insurance data

Consumer Advocates in Canberra for the release of the Royal Commission's final report

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has now concluded. The Final Report and the Government’s response was released to the general public on Monday afternoon, providing a road map for law reform that should deliver improved standards in the finance sector.  Many of the report’s 76 recommendations have been welcomed by consumer organisations including CHOICE, Consumer…

Read More Consumer groups respond to Royal Commission Final Report

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Today ASIC has released Report 604  Credit card lending in Australia – An update (REP 604), which sets out the changes being made by lenders to help consumers with credit card debt. In July 2018, ASIC released Report 580 Credit card lending in Australia (REP 580), which found more than one in six consumers is struggling with credit card debt. The…

Read More Lenders commit to improve credit card practices following ASIC review

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ASIC has released its first review of the rapidly growing buy now pay later industry. The review of this diverse and evolving market has found that buy now pay later arrangements are influencing the spending habits of consumers, especially younger consumers. A buy now pay later arrangement allows consumers to purchase and obtain goods and…

Read More ASIC puts spotlight on the rapidly growing buy now pay later industry

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The Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) will have investigative powers to assess whether a term in a standard form contract may be unfair, thanks to measures passed in the Parliament by the Coalition Government yesterday. This means the regulators will have stronger powers to ensure consumers…

Read More ACCC & ASIC given stronger powers over unfair contract terms

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Australia’s leading consumer groups will join forces in Canberra today to call on the Federal Government to strengthen our laws to stop irresponsible, harmful lending practices in our financial services sector. “Irresponsible lending and crippling debt are having a real, devastating impact on Australians, putting people at risk of bankruptcy, homelessness and life-long debt,” says…

Read More Fair Finance Day of Action

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ASIC is warning consumers about companies that claim they can fix a poor credit rating. ASIC is running a month-long campaign, with other Commonwealth, state and territory agencies, to help consumers understand that by using credit repair and debt management firms they may end up paying high fees. Consumers should be aware these companies often…

Read More ASIC warns consumers about paying high fees for credit repair and debt advice services

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Today the Federal Government announced that there will be tougher penalties for corporate misconduct, and stronger powers for the corporate regulator ASIC. The Federal Government  has agreed or agreed-in-principle to every recommendation made in the ASIC Enforcement Taskforce final report that was finalised in December 2017. Company directors will now face up to 10 years’…

Read More Jail time for corporate crooks needed to clean up finance sector

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It has been eighteen months since the Australian Securities and Investments Commission (ASIC) warned the Federal Government that so-called “debt management” firms are engaging in misleading and predatory conduct. The Consumer Action Law Centre wrote to the Federal Government shortly afterwards, calling for better regulation in the sector, but have yet to receive a response.…

Read More Federal Government Silent on Debt Vulture Warnings

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The Australian Securities and Investments Commission (ASIC) Enforcement Review Taskforce is conducting consultations on a number of proposed reforms to improve the enforcement powers of ASIC. The Taskforce  has just released a series of consultation papers. Recent media reports and Parliamentary inquiries have revealed the impact that poor financial services practices have on people’s lives, leading to intense regulatory scrutiny and reduced consumer confidence. One of the key…

Read More ASIC Taskforce Signals Shift from Self-Regulation in Finance Industry

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‘Independent’, ‘independently owned’, ‘non-aligned’ – financial advisers use a variety of terms to promise a lack of conflict of interest. But what do these terms mean? And what is required before an adviser can lawfully use them? ASIC has clarified its position on the use of restricted terms relating to the independence of financial advisers after seeking…

Read More ‘Independent’ Means Independent – ASIC Clarifies Financial Adviser Terms