Regulator news

Rod Sims ACCC Chair Rod Sims ACCC Chair

As part of a “Future Directions’ speech the incoming Chair of the Australian Competition and Consumer Commission, Rod Sims, outlined the ACCC’s approach to electricity prices as part of a discussion about how the various tools available to the ACCC will be coordinated. He noted that the Australian Energy Regulator [AER] is looking closely at…

Read More Electricity: ACCC to look at network prices and poor selling practices

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

ACCC mandatory product safety reporting triggers recalls Issued 16th August 2011 The Australian Competition and Consumer Commission has released figures for the first six months of the mandatory reporting product safety requirement under the Australian Consumer Law. http://www.productsafety.gov.au/content/index.phtml/itemId/988537   ACCC institutes proceedings against Trade Quip over labelling of hydraulic trolley jacks Issued 25 July 2011…

Read More August product safety news

Court penalises SMS Global $85,000 for misleading consumers Issued 10th August 2011 NR 139/11 The Federal Court in Melbourne has imposed penalties totalling $85,000 against SMS Global Pty Ltd (SMS Global) and its Director, Carl Krumins for misleading consumers by falsely representing that it was endorsed by the government. Brazilian Blowout ‘formaldehyde-free’ representations likely to…

Read More ACCC Consumer Protection Enforcement, August 2011

SCAM ALERTS [Visit SCAMwatch at www.scamwatch.gov.au for all SCAMwatch radar alerts] New round of scam scratchie cards in the mail August 2011: SCAMwatch and Carnival Australia are warning Australians to beware of a new spate of scam scratchie cards and travel brochures sent in the mail. http://www.scamwatch.gov.au/content/index.phtml/itemId/867806 Computer remote access scammers now masquerading as Telstra…

Read More New Scam Alerts – ACCC

ACCC receives Telstra’s structural separation undertaking and draft migration plan Issued 1st August 2011 NR 133/11 The Australian Competition and Consumer Commission has received a structural separation undertaking and a draft migration plan from Telstra. http://www.accc.gov.au/content/index.phtml/itemId/1000404/fromItemId/2332 ACCC finalises fixed line telecommunications prices and delivers pricing certainty and stability to industry Issued 21st July 2011 NR…

Read More ACCC telecommunications update

The Australian Competition and Consumer Commission  issued a discussion paper (18 August 2011) seeking submissions on the service description for a Layer 2 bitstream service. The consultation is the first step in issuing a declaration that creates the ACCC’s role in regulating this service. This declaration is intended to cover the ‘last mile’ fibre to…

Read More ACCC begins public consultation on “last mile” fibre to residences

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