ASIC

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ASIC has launched  Health Month Month to encourage consumers to take early action when they spot the signs of mortgage stress. ASIC’s MoneySmart website includes practical information for consumers facing various levels of mortgage stress, short video guides, tools such as a budget planner and mortgage calculator and guides to obtaining help from free financial…

Read More Mortgage health month to help consumers avoid stress

ASIC has released a consultation paper and draft regulatory guide containing best practice guidance for the advertising of financial products and financial advice. The work seeks to promote confident and informed investors and financial consumers, noting the important role that advertising can play in helping investors to make important financial decisions. The Chairman of ASIC,…

Read More ASIC releases new advertising guidelines for financial products and advice

Australians who find themselves in a spot of bother with their car have a good chance of making a successful insurance claim, a review of motor vehicle insurers has found. ASIC’s review of more than 1.2 million claims made during 2009 found only 3317 (0.3%) were formally denied. The report also found a relatively low…

Read More ASIC finds high level of withdrawn motor vehicle insurance claims

ASIC urges consumers to check the credentials of businesses they deal with, following complaints it has received from consumers about two unlicensed businesses offering home loans with an upfront fee. Ezy Savings and Caveat Loans ITstrong are not registered Australian companies or businesses nor do they have an Australian office or valid business address. However,…

Read More ASIC warns about fake loan offers

Contracts for difference – CFDs – are risky financial products that should not be marketed to ordinary retail investors in CFA’s opinion. CFD’s are not ordinary shares and significantly magnify the risks of investing. CFA has welcomed ASIC’s release of new disclosure benchmarks for CFDs that aim to improve disclosure and investor awareness about risks…

Read More CFA welcomes ASIC action on Contracts for Difference (CFD)

ASIC has taken action against Shield Mercantile Pty Ltd following complaints from consumers about harassment. Among the complaints were concerns regarding unduly frequent contact with debtors, contact with third parties, inappropriate and aggressive phonecalls and inadequate internal dispute resolution policies and procedures. ASIC spokesperson, Greg Kirk, said: ‘Creditors and debt collectors can’t behave in a…

Read More Action on debt collection complaints

ASIC has released proposals for modifying the training requirements for credit representatives who provide credit assistance to consumers on home loans. The proposals address some recent industry concern about the training requirements. ASIC believes the proposals strike an appropriate balance between the interests of confident and informed financial consumers and the regulatory obligations of market…

Read More ASIC considering changes to home lending training requirements

ASIC has successfully completed the major initial licensing of consumer credit businesses as part of the transition to the new national consumer credit laws. ASIC Commissioner, Peter Boxall, said only licensed people or businesses can carry on consumer credit activities now. ‘If you are getting credit or getting advice or assistance on credit make sure…

Read More ASIC refuses four applications for credit licenses and puts conditions on others