Regulator news

A computer screen showing a line graphy depicting the share market prices A computer screen showing a line graphy depicting the share market prices

People who use foreign currency conversion (FX) services now have greater access to accurate online calculators to help compare prices, but the ACCC says greater transparency is still needed at a time when many Australians are sending money to family and friends overseas. The ACCC’s Foreign currency exchange services inquiry report, released in September last…

Read More Easier comparisons now available for foreign currency conversions

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Consumer advocate CHOICE has written to the Victorian Consumer Affairs Minister Marlene Kairouz with proposed legislation to stop price gouging on essentials during a crisis. “The past few months have shown us that in a crisis, consumer protections for Australians are the first thing to go.” says Amy Pereira, CHOICE Campaigner. “We need strong protections…

Read More CHOICE calls for urgent price gouging legislation to protect Victorians in future crises

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NBN speeds and performance declined as Australians followed social distancing instructions to stay home due to COVID-19, but picked up following measures by NBN Co and streaming providers. The ACCC today released its first new monthly Measuring Broadband Australia report which tracks NBN network performance from February to April 2020. The report shows a recovery in network…

Read More NBN speeds recover after COVID-19 demand

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The Australian Energy Regulator (AER) is seeking expressions of interest from individuals to establish a highly skilled Consumer Reference Group (CRG) for the Inflation Review 2020 and the Rate of Return Instrument 2022. The AER is reviewing the treatment of inflation in its regulatory framework, including the method likely to result in the best estimates…

Read More AER seeks people to join its consumer reference group for the review of inflation and the rate of return instrument

A computer screen showing a line graphy depicting the share market prices A computer screen showing a line graphy depicting the share market prices

ASIC warns consumers about investment advertising that compares fixed-term investment products to bank term deposits. A surge in such marketing of fixed-term investment products in recent months has prompted ASIC to caution consumers to take care making investment decisions based on such advertising. ASIC is monitoring such advertising and the entities involved because of reports…

Read More ASIC warns consumers: Investment advertising is not always ‘true to label’

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Petrol retailers should not use the current pandemic to further increase profits, which the latest ACCC petrol industry report shows have risen in recent years, and should pass on the full benefit of falling oil prices to motorists, the ACCC has said. Weekly average international crude oil prices have decreased by around US$ 50 per barrel since…

Read More Petrol retailers should reduce their prices in line with falls in international petrol prices: ACCC

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Consumer advocate CHOICE is urging Australian banks to go further in their response to COVID-19, flagging that many Australians are still being harmed by high cost credit cards, personal loans and long term debt. “We welcome that many banks have announced initial support packages for customers but we know they can go further. We have…

Read More “Banks need to go further on their coronavirus response”: CHOICE

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At the Gartner CEO Forum today, ACCC Chair Rod Sims spoke with a group of 70 CEOs and senior executives from a range of companies across Australasia about how the ACCC’s priorities have shifted to respond to the impact of COVID-19 on consumers and businesses. Below is a transcript of his speech. COVID-19 Taskforce The ACCC…

Read More Managing the impacts of COVID-19 disruption on consumers and business

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Scammers are now trying to exploit Australians financially impacted by the COVID-19 crisis with new superannuation scams being reported to Scamwatch in recent weeks. Scammers are already trying to take advantage of the Government’s recent announcement that people suffering financial hardship can have partial access to their superannuation from mid-April. “Scammers are cold-calling people claiming…

Read More Scammers targeting superannuation in COVID-19 crisis

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Consumer Action Law Centre has released the following statement in response to a report by the Australian Communications and Media Authority (ACMA) on fiancial hardhip in the telco industry. A report released this week by ACMA shows that telco providers are not adequately identifying and supporting customers experiencing financial hardship. The ACMA reports shows that…

Read More Telco companies are failing people in financial hardship