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The Parliamentary Joint Committee on Corporations and Financial Services commenced an inquiry into the systems and regulatory framework relating to financial abuse at the start of April 2024. The period for written submissions is now half-way through and will officially end on 14 June 2024. Submissions can be made publicly but the committee is also…

Read More Financial Abuse Inquiry – 1 month left for written submissions

Super Consumers Australia warns of Royal Commission rehash: Super funds need to do more to protect people from bad advice Today ASIC has released a report highlighting the failure of many super funds to uphold their duty to protect people from being charged for inappropriate, costly advice from their super savings. This follows revelations from…

Read More Advocates Warn that Urgent Change is Needed to Protect Retirement Savings from Dodgy Advice

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New research from CHOICE has revealed 4 in 5 CHOICE supporters think it’s unfair for supermarkets to charge higher prices for customers who don’t sign up for loyalty programs.  The survey of over 8,000 CHOICE supporters also found nearly half of respondents were worried about the data being collected about them through loyalty programs. The…

Read More Supermarket Loyalty Programs: The Price Isn’t Right

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A rise in reported breaches of the industry Code of Practice indicates better reporting from customer-owned banking institutions but also a sign of the need for improvements in reporting and remediation.  The Annual Data Report from the Customer Owned Banking Code Compliance Committee (COBCCC), which covers the 2022-23 reporting period, shows that the number of customer…

Read More Customer Owned Banks Urged to Continue Improving Reporting Practices

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The general insurance industry continues to struggle meeting claims handling timeframes according to the latest report from the General Insurance Code Governance Committee (CGC). The Annual Data and Compliance Report, published today, highlights more than 45,000 claims handling breaches of the industry Code of Practice in the 2022-23 reporting period, an increase of 16%. Chair…

Read More Insurers Continue to Struggle Meeting Claims Timeframes

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The 2023 Life Insurance Code of Practice (the Life Insurance Code) introduced a requirement for insurers to have family violence policies available online for their customers. For many life insurers this will be the first publicly available written policy indicating how they will support customers experiencing family violence. Family violence – in the form of…

Read More Financial Rights Publishes Report on Best Practice in Life Insurer Family Violence Policies

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The United States of America’s Consumer Financial Protection Bureau (CFPB) has published a new report, Price Complexity in Laboratory Markets, which indicates that complex pricings, or costs separated into various sub-prices, are typically more expensive and harder to compare – leading to consumers paying more. Based on the CFPB’s previous research, this increased complexity and…

Read More US Consumer Protection Body Publishes Research Finding Higher Price Complexity Leads to Consumers Paying More

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CHOICE response to announcement Qantas has agreed to pay $120 million to settle ACCCenforcement action. Quotes attributable to Rosie Thomas, Director of Campaigns and Communications at CHOICE: “Qantas agreeing to pay $120 million dollars and admitting it misled consumers after ACCC court action is a significant result. The proposed settlement sends a very clear message…

Read More Compensation for Cancelled Flights Should be the Norm

Law Cases

The Australian Travel Accreditation Scheme (ATAS) is an industry scheme that sets standards for signatory travel agencies and tour operators. ATAS is administered by the Australian Travel Industry Association (ATIA). Under ATAS, businesses maintain a complaint handling process that is easy and free to access. Where complaints are unresolved, they can be escalated to the…

Read More Non-Economic Loss Now Part of Travel Complaints Scheme

Fraud Alert

ASIC is warning consumers about an increase in the sophistication of fake bond and term deposit scams where scammers are impersonating little-known legitimate financial services businesses, often those without a website or digital footprint. Scammers are mirroring real businesses’ disclosure documents, addresses, International Securities Identification Numbers (ISINs), Australian business numbers (ABNs) and Australian financial services…

Read More Scam Alert Issued by ASIC as Scammers Change Methods