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

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

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ASIC has written a letter to the real estate institutes in each state outlining concerns about some real estate agents who are advising tenants to apply for early release of their superannuation. AISC warns that such conduct by real estate agents may be in contravention of the Corporations Act as it may may constitute unlicensed…

Read More ASIC warns of unlicensed financial advice by real estate agents to tenants

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The Australian Communications and Media Authority (ACMA) is reminding consumers that there are options available if they are experiencing financial distress and struggling to pay their telco bills. ACMA Chair Nerida O’Loughlin said that telcos have financial hardship programs available to support Australian consumers facing difficulties. “Telecommunication services are playing a critical role in keeping Australians connected…

Read More Telco financial hardship policies critical during COVID-19

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Consumer advocate says Lifetime Health Cover Loading should be suspended in light of COVID-19 financial pressures Consumer advocate CHOICE is calling on the Federal Government to suspend consumer penalties for not taking up private health insurance in light of the COVID-19 crisis. The advocacy group says the Government should add an extra 365 days to…

Read More “Penalties for not taking up private health cover must be suspended”: CHOICE

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The ACCC is highly conscious of the impact COVID-19 is having on Australian consumers and businesses, and has adjusted the focus of its regulatory activities accordingly. Most businesses are facing severe disruption, particularly small businesses, and the future is uncertain for many. The ACCC will factor these circumstances into its consideration of competition matters in…

Read More ACCC response to COVID-19 pandemic

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The Australian Communications Consumer Action Network (ACCAN) has urged the Federal Government to prioritise a specific stimulus strategy for telecommunications services to keep Australians connected during the COVID-19 pandemic. Continuing social distancing and self-isolation efforts have resulted in millions of Australians increasingly relying on their home broadband service. As Australia’s peak body representing telecommunications consumers,…

Read More Government must act to address broadband affordability as unemployment predicted to rise: ACCAN

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Price gouging during the coronavirus crisis has been rampant. We’re calling on sellers big and small as well as online platforms to cease and desist.  CHOICE article. Last updated 20 March 2020. It may surprise you to learn that price gouging – jacking up prices for essential goods when supplies are low – is technically…

Read More CHOICE calls on sellers and online platforms to put an end to price gouging