Consumers' Federation of Australia

6 June , 2023

FSC to Rollout Changes to Life Insurance Code

From an FSC media release (02/06/2023): The Financial Services Council (FSC) is proud to announce the upcoming implementation of the New Life Code of Practice (new Life Code) on 1 July 2023, which will introduce over 50 comprehensive consumer protections that will change the way customers interact with their life insurers. FSC, CEO, Blake Briggs said: “This significant milestone…

5 June , 2023

ACCC Inquiry into Telco Regulation Begins

From the Australian Competition and Consumer Commission (ACCC) media release (31/05/2023): The ACCC has today commenced a combined public inquiry into whether nine wholesale telecommunications services that support the provision of broadband, voice and data transmission services should continue to be regulated. Access to telecommunications services in Australia is usually unregulated unless the services are…

5 June , 2023

ACCC: Australian Domestic Airline Competition at Critical Juncture

The ACCC data shows Australian domestic airline market as a place dominated by Qantas and Virgin, with those two airlines accounting for over 90% of domestic airline travel over the past 3 years. Even with the launch of Bonza and the expansion of Rex to intercity flights, the duopoly of Qantas and Virgin is unlikely to be significantly impacted in the short-term.

2 June , 2023

Consultation Opens on Artificial Intelligence

AI is a rapidly growing area and increasingly relevant to our everyday lives – both positively and negatively. The Australian Federal Government has now opened consultation on the safe and responsible use of AI.

1 June , 2023

eSafety Commissioner Accepts Some, Rejects Others in World-First Industry Codes

Australia’s eSafety Commissioner has made the decision not to register two of eight online safety codes drafted by the online industry as they fail to provide appropriate community safeguards to deal with illegal and harmful content online.

26 May , 2023

Enforcement Action Taken Against Money3

The Australian Securities and Investments Commission (ASIC) has issued against used car lender Money3, claiming that it failed to adequately train staff on relevant credit laws and did not ensure proper financial checks on the affordability of the loan were made.

24 May , 2023

AFCA Publishes Second Systemic Issues Insights Report

Despite this slight decrease in resolutions and the facilitation of other outcomes (such as correcting the status of an account), AFCA also so over $28 million more go to consumers then in the previous financial year

22 May , 2023

Regulation of Buy Now, Pay Later Announced – Consumer Groups Respond

One year after 120 consumer groups signed an open letter to have BNPL regulated as conventional credit, the Assistant Treasurer Stephen Jones MP has announced that BNPL will largely be brought in line with the Credit Act – though not all requirements will be applied.

18 May , 2023

Trowbridge Strata Insurance Review Phase 3 – “a blueprint for affordability, availability and competition”

John Trowbridge has just released the third phase of his independent review into strata or body corporate insurance practices. The synopsis found here and released on Trowbridge’s website, places priority on implementing a disclosure regime, the focus of Trowbridge’s Phase 1 paper, and working with all relevant parties to alleviate the current and ongoing market capacity problem.

Image 15 May , 2023

National Anti-Scam Centre Welcomed by ACCCC and CHOICE

The Australian Competition and Consumer Commission (ACCC) and CHOICE, along with other consumer advocacy organisations, have welcomed the Australian Governments commitment of $58 million for the establishment and running of the National Anti-Scam Centre (NASC) to be implemented over the next two years.

Image 15 May , 2023

Designated Complaints Function Announced

From July 2024 select advocacy groups for consumers and small business will be able to lodge complaints with the Australian Competition and Consumer Commission (ACCC) – and the ACCC will be obligated to respond. From the website of Assistant Minister for Competition, Charities and Treasury, Andrew Leigh MP:

Image 12 May , 2023

Financial Counselling Foundation Welcomes Generous Industry Donation

“The $7.75 million will enable the foundation to not only provide support to existing grants that are
about to expire, but also implement new projects,” Mr Brouwer said. “This comes at a time of great
financial hardship and, consequently, a time of huge pressure on the financial counselling sector.
“Our funding priorities include family violence victims, tenants at risk of homelessness, First Nations
communities and people in prison.”