Report - Consumers' Federation of Australia

5 December , 2019

Reports lead to concern about banks’ breach reporting as they transition to the 2019 Code

Two key reports released on Friday by the Banking Code Compliance Committee (BCCC) contain important findings for the industry, including: Significant concerns about the reporting of breaches under the 2013 Code of Banking Practice during 2018-19. Banks will need to continue ongoing efforts in order to meet the BCCC’s expectations and the higher standards of…

27 November , 2019

Consumer representatives report back

Consumer representatives nominated or supported by CFA have written a short report on their activities over the past year. All consumer representatives, whether or not nominated by CFA or representing CFA, are accountable to the consumers whose interests they represent. They have a duty to stay informed about consumers’ interests and how the body to…

3 September , 2019

Australians paying millions too much for foreign currency services

Australian consumers are paying too much for foreign currency conversion (FX) services because of confusing pricing and a lack of robust competition, a new ACCC report has found. The final report of the ACCC’s Foreign Currency Conversion Services Inquiry highlights important competition and consumer issues affecting individuals and small businesses who use international money transfers (IMTs), foreign…

5 August , 2019

Investigation finds telemarketers pressuring consumers to sign up to NBN

Threats of being disconnected from phone and internet services, loss of phone numbers, and inaccurate information about NBN plans are issues highlighted in the Telecommunications Industry Ombudsman’s latest report: “Misleading telemarketing of NBN services” published Thursday 1 August, 2019. Between January and December 2018, residential consumers and small businesses made 1,729 complaints to the Telecommunications…

31 July , 2019

Researching the impact of financial difficulty assistance: Request for participation

CFA member Nicola Howell (PhD researcher, Melbourne Law School and Senior Lecturer at QUT) is researching the impact of financial difficulty assistance, bankruptcy and debt agreements on consumer debtors. A better understanding of how people experience the different options, and whether they improve the lives of debtors in the short and long term, can help…

30 May , 2019

CPRC Research Report: A Day in the Life of Data

Consumer Policy Research’s Centre (CPRC)’s latest report – A Day in the Life of Data – illustrates the bewildering volume and scope of data collected about consumers just as they go about their daily lives. The Fourth Industrial Revolution is here, and personal information is increasingly being collected and commodified while legislation fails to keep up. Led…

30 April , 2019

Scams cost Australians half a billion dollars

Australians lost almost half a billion dollars to scammers in 2018 according to the latest figures in the ACCC’s Targeting Scams report released today. “Total combined losses reported to Scamwatch and other government agencies exceeded $489 million – $149 million more than 2017,” ACCC Deputy Chair Delia Rickard said. “And these record losses are likely just the tip…

24 April , 2019

ICAN launches Yarnin’ Money Report

In late 2014, the Indigenous Consumer Assistance Network (ICAN) received a grant from the Ecstra Foundation to create Yarnin’ Money, a financial capability program wholly developed by and for Aboriginal and Torres Strait Islander peoples. In the 2014 grant round, Ecstra sought to fund projects that would: ‘work to improve the financial literacy and money…

16 April , 2019

Phone and internet complaints down between July and December 2018

Australian residential consumers and small businesses made 60,998 complaints to the Telecommunications Industry Ombudsman in the last six months of 2018 (1 July 2018 to 31 December 2018). In this period, complaints about landline, mobile and internet services, decreased by 27.7 per cent compared to the same six month period in 2017. Publishing the Telecommunications…

10 April , 2019

Deliver strong and fair culture or risk business, insurers told

Insurers should accept the challenge of embedding a strong culture of fairness, honesty and transparency, or risk being forced out of business, according to an insurance compliance leader. Lynelle Briggs AO, Independent Chair of the General Insurance Code Governance Committee (the Committee), said there was evidence that some subscribers were not taking the Code and…

5 April , 2019

Sunny Side Up: Strengthening the consumer protection regime for solar panels in Victoria

Reliable, affordable, renewable energy has helped many Australians take back control of their power prices. Yet as the solar industry booms, consumer protection has not kept up. More needs to be done to protect householders, according to a comprehensive report released by Consumer Action Law Centre (Consumer Action). Sunny Side Up: Strengthening the consumer protection…

28 March , 2019

Life insurance code monitoring body delivers report on Australian life insurance industry compliance

Almost 38 million life insurance cover types were in force at 30 June 2018, according to the inaugural Annual Industry Data and Compliance Report compiled by the Life Code Compliance Committee (LCCC). The report is based on information provided by subscribers to the Life Insurance Code of Practice). Death (41%) and total and permanent disability…