Vulnerable Consumers - Consumers' Federation of Australia

17 May , 2020

Consumer groups say a self-regulatory code for Buy Now Pay Later lenders is no substitute for consumer protection in law

Thirteen consumer groups have joined together to provide a submission on the draft Buy Now Pay Later Code of Practice (BNPL code), developed by the Australian Finance Industry Association (AFIA). While noting that industry codes can provide beneficial commitments, the consumer advocates consider inconsistent regulation among buy now pay later products and other consumer credit…

8 May , 2020

Consumers urged to look out for employment opportunity scams in the wake of COVID-19

The Queensland Office of Fair Trading warns of employment opportunity scams in the following media release. COVID-19 has unleashed literally hundreds of scams across Australia and the next ones the Queensland Office of Fair Trading wants consumers to watch out for are employment opportunity scams. Fair Trading Executive Director Brian Bauer said scammers hiding behind…

4 May , 2020

Consumers’ Federation of Australia responds to proposed button battery regulation options

CFA has made a submission to the Australian Competition and Consumer Commission (ACCC) Button Battery Taskforce. The ACCC launched the taskforce to investigate the safety of button batteries and the products that contain them. Button batteries pose a severe injury risk for young children and other vulnerable groups, like the elderly and those with dementia,…

22 April , 2020

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

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…

20 April , 2020

NBN Co creates $150 million COVID-19 relief and assistance package

NBN Co announced on Friday it will establish a $150 million financial relief and assistance fund to help internet providers to support their residential and small and medium business customers affected by the COVID-19 pandemic. The relief fund, created following a short industry consultation led by NBN Co, is aimed at helping internet providers connect…

20 April , 2020

An Information Sheet relating to early access to super

The Conexus Institute, Actuaries Institute and Super Consumers Australia have collaborated to produce an Information Sheet addressing early access to super. As you are aware the Government is allowing eligible individuals affected by COVID-19 to access up to $10,000 of their superannuation in 2019–20 and a further $10,000 in 2020–21. A challenge for super funds…

6 February , 2020

Consumer advocates welcome Act implementing three key Banking Royal Commission recommendations

Today the Government passed the first omnibus bill in the wake of the Banking Royal Commission, which consumer advocates say will help address long-standing problems with unfair insurance contracts, funeral expenses policies and mortgage broking. The Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures) Act 2019 will address recommendations 4.7, 1.2 and 4.2…

29 January , 2020

Who is protecting your information on the internet?

The recent ABC article titled How safe are GPS trackers for children – and what should I know before buying one? raises concerns about the ethics of technological surveillance and asks, ‘are we being sucked in by their convenience?’ When we digitise information or upload it to the internet, we run the risk of having that information…

10 December , 2019

ASIC’s overhaul of responsible lending guidance should focus lenders on the welfare of borrowers

Consumer Action Law Centre (Consumer Action) and Financial Rights Legal Centre (Financial Rights) say ASIC’s overhaul of its responsible lending guidance is a welcome announcement in the wake of the devastating consumer harm exposed during the Banking Royal Commission. Too many lenders, including banks, finance companies, payday lenders, and consumer lease providers have not effectively complied with legal obligations to ensure they do not provide borrowers with unsuitable loans. ASIC’s updated responsible lending guidance make existing laws clearer, easier to enforce and will help to hold…

10 December , 2019

Financial Counselling Australia welcomes ban on unsolicited telephone selling

Financial Counselling Australia welcomes the implementation of a ban on unsolicited telephone sales of life insurance and consumer credit insurance sold without personal advice. ASIC announced that the ban will come into effect on January 13, 2020. In the experience of financial counsellors, who work with people in financial hardship, unsolicited telephone selling targets vulnerable consumers. The…

4 December , 2019

ACCC Deputy Chair Delia Rickard provides address to CFA’s annual general meeting

In her address, Delia Rickard noted that issues raised by consumer organisations with the ACCC commonly form part of its priorities for compliance and enforcement. Delia noted that consumer groups have recently raised issues such as funeral services, debt collection, product safety and sustainability which will be considered for future priorities. Other trends and issues identified by…

25 November , 2019

SACOSS’ Working to Make Ends Meet Report highlights energy affordability struggles for “waged poor” households

South Australian Council of Social Service (SACOSS) today launched its report, Working to Make Ends Meet: Low-income Workers and Energy Bill Stress. The report investigates households whose main source of income is wages but who are still living below the “poverty line”. This report, based on national statistical data and South Australian case studies, is…