Consumers' Federation of Australia

9 August , 2023

Consumer Representative – Banking Code Compliance Committee

About the opportunity The Banking Code Compliance Committee (BCCC) is an independent body that monitors banks compliance with the Banking Code of Practice, helping banks create a better banking experience for customers. The BCCC’s work is supported by a dedicated team of staff at the Australian Financial Complaints Authority (AFCA) that provide Code monitoring and…

9 August , 2023

Consumer Struggles and Insurance Market Failures Highlighted in New Report

A joint research project report, ‘Weathering the Storm: Insurance in a changing climate’, released this Tuesday has highlighted the critical state of insurance as premiums once more rise for 87% of Australians. Released by CHOICE in partnership with the Climate Council, Financial Counselling Australia (FCA), Financial Rights Legal Centre, and the NSW Tenants’ Union the…

8 August , 2023

UK’s New Consumer Duty – How Does it Compare with Australia?

In 2021, CFA published this post about the development of a new “consumer duty” for financial services. It’s now 2023, and the new duty is now incorporated into the Financial Conduct Authority’s regulatory handbook. So what is it, and how does it compare with Australia’s consumer protections? What is the new Consumer Duty? The duty…

7 August , 2023

ANZ’s Proposed Suncorp Acquisition Denied by ACCC

The Australian Competition and Consumer Commission (ACCC) has decided not to grant merger authorisation for ANZ Banking Group (ASX:ANZ) to acquire Suncorp Group’s (ASX:SUN) banking arm.
“We are not satisfied that the acquisition is not likely to substantially lessen competition in the supply of home loans nationally, small to medium enterprise banking in Queensland, and agribusiness banking in Queensland,” ACCC Deputy Chair Mick Keogh said.

4 August , 2023

Win for Consumers: Anti-Avoidance Provision Bill Commended to the House

After many years of campaigning against the damaging practices of Buy Now Pay Later (BNPL) schemes, the Assistant Treasurer and Minister for Competition, Charities, and Treasury Hon. Andrew Leigh MP has commended the Treasury Laws Amendment (2023 Measures No. 3) Bill 2023, partly designed to close loopholes utilised by BNPLs, to the House of Representatives.

4 August , 2023

Presentation Date, Terms of Reference Announced for Flood Insurance Inquiry

Last week the Australian Government announced its intention to form a Senate Inquiry into insurer response to the 2022 floods. This week, according to a media release from Minister for Financial Services and Assistant Treasurer the Hon. Stephen Jones MP, will be presenting the motion for its consumer-focused Inquiry to the house this Monday, August 7th.

3 August , 2023

ASIC Sues eToro in its First Design and Distribution Action to Protect Consumers from High-Risk CFD Products

ASIC alleges eToro’s target market for the CFD product was far too broad for such a high-risk and volatile trading product where most clients lose money, and that the screening test was wholly inadequate to assess whether a retail client was likely to be within the target market.

ASIC considers that eToro’s conduct is likely to have resulted in a significant number of retail clients being exposed to the CFD product that was unlikely to be consistent with their investment objectives, financial situation and needs, resulting in a significant risk of consumer harm.

3 August , 2023

Free Access to Australian Standards for Consumers

Nearly everything we touch has a Standard connected to it, in our everyday lives and in every Australian industry, and they make everything work. As a consumer, access to standards can help you become more informed about what to expect from product and service providers. Standards Australia has launched a new program for improving access to Australian Standards.

3 August , 2023

Consumers International Digital Update: Cyber Trust Mark and Personalised Pricing

This month Consumers International’s (CI) update on the digital world covered some interesting developments and research in the consumer world including CHOICE’s recent article on facial recognition technology (FRT) used in half of Australia’s stadiums (found here), and the recent Members Connect series on building consumer trust in generative AI, whose panel included ETDA Thailand and the BEUC.

But perhaps the most exciting updates were the ones from the United States of America and the European Union.

2 August , 2023

Regulator acts to improve grocery unit pricing in the UK

“To assist consumers with the cost of living crisis and the high rate of grocery price inflation, the ACCC and the Federal Government should follow the UK’s example and take action now to substantially improved the quality of the unit pricing provided by Australian grocery retailers and to improve the Grocery Unit Pricing Code administered by the ACCC.”

1 August , 2023

AFIA Buy Now Pay Later Code Compliance Committee Chair Announced

The Australian Finance Industry Association (AFIA), the peak body for the entire Australian finance industry, today announced that Ms Jillian Brewer has been appointed as the new chair of the AFIA Buy Now Pay Later Code Compliance Committee (CCC) for a three-year term. Jill was an inaugural member of the CCC and is an experienced lawyer, conciliator, investigator and trainer, with more than 20 years of experience in alternative dispute resolution.

1 August , 2023

Meta Companies Penalised $20m for Onavo Protect VPN’s Misleading Claims

Virtual Private Networks or VPNs are a method by which people can more securely use and access public internet connections, reduce some communication costs, and bypass internet censorship. The privacy and protection of personal information is an important selling point of VPNs and one that was used to sell Onavo Protect in the Google and…