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The Code Governance Committee (the Committee), has launched its website insurancecode.org.au. The Committee’s website is an independent resource for consumers, small business and Code subscribers that will be periodically updated with news about its work and publications. The Committee’s website includes: information about the Committee and what it does, the Code and Code subscribers information…

Read More General Insurance Code Governance Committee launches website

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The Financial Rights Legal Centre has called on the life insurance sector to clean up its act following the release of a damning report by ASIC into Total and Permanent Disability (TPD) claims in both direct life insurance and life insurance in superannuation. The report, Holes in the safety net: A Review of TPD insurance claims, found…

Read More Total and Permanent Disability Cover – a total mess

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Changes to the Australian Consumer Law will clarify prices for people shopping online. From 26 October 2019, businesses must include all charges in the advertised price of goods and services payable by a consumer. This includes charges for pre-selected options.  Currently, a business can advertise a low price; during the buying process, they may add extra…

Read More Businesses to display all charges up front

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Being around water is part of everyday Australian life, however drowning is one of the major causes of unintentional death for Australian children. In 2017/18, 18 Australian children aged 0-4 years drowned. The majority of these incidents occurred in backyard swimming pools. Pool and spa barriers can be effective in reducing the risk of drowning…

Read More Standard on safety barriers for swimming pools is open for public comment

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The Federal Government has directed the ACCC to immediately commence an inquiry into home loan pricing. The ACCC is to investigate a wide range of issues ranging from the rates paid by new vs existing customers, how the cost of financing for banks has affected bank decisions on interest rates, and why RBA cuts aren’t always…

Read More ACCC commences pricing transparency inquiry for home loans

There are thousands of products available in Australia, with each being produced by multiple brands. To ensure that these products work safely, the Australian product safety system relies on the cooperation of consumers, suppliers, and government agencies. More information here. The Commonwealth Treasury is undertaking a consultation on Improving the Effectiveness of the Consumer Product Safety System by…

Read More Seeking views from consumers on their experiences relating to product safety

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The ACCC will consider whether Australians are able to access basic broadband plans at fair and affordable prices, as part of an inquiry into NBN wholesale charges launched on Monday. The inquiry will examine wholesale prices paid by retail service providers (RSPs), which use the NBN to supply residential-grade broadband services. The ACCC’s inquiry will…

Read More Affordability of basic NBN products to be examined

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A report released by the Insurance Brokers Code Compliance Committee (the Committee) has found that insurance brokers who subscribe to the Insurance Brokers Code of Practice (the Code) need to reduce the length of time they take to respond to and resolve complaints if they are to build and maintain consumer trust in the sector.…

Read More Insurance brokers must do better for consumers when it comes to handling complaints

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ASIC has warned Australian investors considering establishing their own self-managed superannuation fund (SMSF) to be particularly aware of the potential downside to such a strategy, and that many Australians set up SMSFs that are inappropriate for their circumstances. ASIC has identified eight ‘red flag’ situations which, together or in part, would make it extremely unlikely…

Read More ASIC urges consumers to question whether SMSFs are right for them

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Consumer Data Standards would like to invite two members of CFA to attend a Consumer Experience workshop on the topic of consumer control. Focus of the workshop This workshop will generate ideas and directions for how to provide more control to Consumer Data Right (CDR) consumers. Consumer Data Standards are asking participants to prepare presentations…

Read More Invitation to Consumer Data Right workshop

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The ACCC has welcomed the Federal Government’s decision to improve the safety of quad bikes by introducing a new safety standard. The decision was announced by Assistant Treasurer the Hon Michael Sukkar today. The safety standard has three elements: improved information for potential purchasers, enhanced quad bike stability, and rollover protection to reduce injuries and…

Read More ACCC welcomes new quad bike safety standard

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Innovation is an increasingly important contributor to the success of an organization, enhancing its ability to adapt in a changing world. Consumers’ Federation of Australia has recently appointed a representative to Standards Australia’s Technical Committee MB-279 Innovation management mirroring the work of ISO TC 279. Consumers are integral to the innovation process since they have more know-how,…

Read More Innovation management and consumers