ASIC

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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…

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

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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).…

Read More ASIC helps credit providers protect victims of family violence

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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…

Read More Time to finally end the harm done by Cigno loans

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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…

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

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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…

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

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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…

Read More Why do we need a whistleblowing management system?

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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…

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

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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…

Read More ASIC release report on competition in the Australian funds management industry

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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…

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

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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…

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