ASIC - Consumers' Federation of Australia

6 February , 2019

Consumer groups respond to Royal Commission 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…

18 December , 2018

Lenders commit to improve credit card practices following ASIC review

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…

28 November , 2018

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

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…

20 October , 2018

ACCC & ASIC given stronger powers over unfair contract terms

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…

4 July , 2018

Credit cards should not be a lifelong debt sentence

A proposal to prevent credit cards becoming a lifelong debt sentence has been welcomed by Consumer Action Law Centre. The Australian Securities & Investment Commission (ASIC) has released its proposal together with a new report examining credit card lending in Australia. The report finds that credit card debt is causing problems for at least 1.9…

25 June , 2018

Fair Finance Day of Action

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…

5 June , 2018

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

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…

20 April , 2018

Jail time for corporate crooks needed to clean up finance sector

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’…

25 July , 2017

Federal Government Silent on Debt Vulture Warnings

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.…

10 July , 2017

ASIC Taskforce Signals Shift from Self-Regulation in Finance Industry

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…

3 July , 2017

‘Independent’ Means Independent – ASIC Clarifies Financial Adviser Terms

‘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…

18 March , 2017

Mortgage broker mayhem

CFA members CHOICE, Consumer Action Law Centre and Financial Rights Legal Centre are calling on the federal government to act on conflicted remuneration in the mortgage market following an ASIC report that found widespread conflicts of interest for brokers and bank staff have led to an aggressive sales culture and poor outcomes for borrowers.[1] Quotes…