hands looking at contracts hands looking at contracts

Companies that breach the competition and consumer laws could face new and higher penalties under legal changes which passed Parliament last week. The changes consist of two parts; the introduction of penalties and other changes relating to unfair contract terms, and significant increases in maximum penalties for breaches of certain provisions of the Competition and…

Read More ACCC welcomes new penalties and expansion of the unfair contract terms laws

The Customer Owned Banking Association (COBA) has introduced a new industry Code of Practice that comes into effect today, with changes increasing protections for customers experiencing vulnerability including elder abuse, domestic violence and disability. The 2022 Customer Owned Banking Code of Practice replaces the 2018 version and was developed through an independent review by Phil…

Read More Vulnerable consumers supported by new Code of Practice for customer-owned banks

The Customer Owned Banking Code Compliance Committee (COBCCC) has released its latest Annual Report, reporting on its activities during 2021-22. The report notes that self-reported breaches by customer owned banking institutions for the 2020-21 reporting period decreased 11% on the previous year – the first decrease in six years.  More than 568,000 customers were affected…

Read More COBCCC Annual Report 2021-22

In light of rapid increases to the cost of living, the peak body for communications consumers has welcomed new measures announced in this week’s federal budget to improve the affordability of communications services and boost digital inclusion across the nation. This echoes calls made by the Australian Communications Consumer Action Network (ACCAN) to establish a…

Read More Affordability and digital inclusion measures welcomed by advocates

An Albanese Government initiative to help reduce the cost of insurance in communities at risk of natural disasters, will enhance mitigation measures and drive better outcomes for insurance holders. The Hazard Insurance Partnership and Strategic Insurance Project aims to address rising insurance premiums and help communities be better prepared for disasters. Federal Minister for Emergency…

Read More Federal Government to develop standard insurance definitions and review standard cover regime

The Albanese Government will provide $1.6 million to deliver its election commitment to introduce Country of Origin Labelling in the seafood industry.  The Government will work closely with the seafood and hospitality sectors to improve seafood labelling and help consumers make informed decisions about the food they buy.  Assistant Minister for Trade and Manufacturing Tim…

Read More Clearer seafood labelling a big win for consumers

The Life Code Compliance Committee (Life CCC) welcomes the announcement of additional consumer protections for the Life Insurance Code of Practice (the Code).  The Financial Services Council (FSC) announced the first industry-wide guidelines on family and domestic violence for life insurance. From July 2023, under the new Code, life insurers must develop and publish their…

Read More Life CCC welcomes additional consumer protections

The Banking Code Compliance Committee (BCCC) has welcomed the Australian Banking Association’s announcement that it has accepted most of the recommendations within its remit of the independent review into the BCCC and its work. “These changes will, ultimately, deliver better outcomes for consumers,” BCCC Chair Ian Govey AM said. “They will improve transparency by holding…

Read More BCCC welcomes ABA response to review of Committee’s work

The 2021–22 AFCA Annual Review is now available.    We are proud to present this year’s Annual Review, which highlights all AFCA has achieved in the 2021–22 financial year.  The financial services sector in Australia has experienced an extraordinary level of uncertainty and volatility in the last financial year.   This has been driven by the lingering…

Read More AFCA releases 2021–22 Annual Review

New research from Super Consumers Australia has found products which failed the annual super performance test have on average cut their fees by 20%. The performance test is protecting Australians from poorly performing super products. In just over one year, every fund bar one that failed the first performance test is addressing its underperformance through…

Read More Failed super funds slash fees

The Save Sorry Business Coalition has welcomed the Federal Government’s initial $7.2 million Budget allocation for the Youpla Funeral Benefits Program. This interim scheme will help a small percentage of First Nations families affected by the collapse of Youpla to conduct the important cultural practice of Sorry Business. This initial commitment is a first step…

Read More First Nations advocates welcome $7.2m in Budget for interim Youpla scheme