ASIC

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Read More ASIC finds high level of withdrawn motor vehicle insurance claims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

On 1 July ASIC announced that it had commenced criminal proceedings against officers of the Wespoint companies for breaches of the corporations act. In a separate matter Rundle was found guilty by a Sydney jury of making misleading statements to a financial institution in support of a $71 million credit facility to fund a Westpoint…

Read More Westpoint and other recent ASIC enforcement actions

Money Smart calculator image Money Smart calculator image

On Tuesday 15 March 2011 ASIC launched a new personal finance website called MoneySmart to help people make good financial decisions by providing free, independent and unbiased information, tools and motivation. MoneySmart.gov.au is a key part of the National Financial Literacy Strategy, also launched by ASIC on 15 March 2011.. MoneySmart.gov.au provides more than just…

Read More MoneySmart.gov.au – simple guidance you can trust

Thursday 28 October 2010 ASIC today suggested simple checks for people to take control of their super savings. Delia Rickard, ASIC’s Senior Executive Leader for Consumers, Advisers & Retail Investors said ‘You may have recently received your annual super statement. The key to making the most of super savings is to know the landscape and…

Read More ASIC’s three steps to decode super statements