TIME for CHANGE
[S]uper funds are blind to their own failures, with no targets, no monitoring, and no accountability…we’ve seen people subject to years of delay. These are people who’ve just lost a loved one—and they’re forced into a bureaucratic maze with no end in sight.
Read More ASIC report reinforces urgent need for mandatory super standards
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Preliminary research commissioned by the Australian Communications Consumer Action Network (ACCAN) raises alarm bells for policymakers and regulators. Findings point to widespread consumer harm and deep mistrust in the telecommunications industry. The polling, conducted as part of the first tranche of ACCAN’s consumer sentiment research, highlights troubling experiences of telco behaviour and unmet expectations. “Given…
Read More Research highlights consumer distrust in broken telco system
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Australia’s peak communications consumer body, ACCAN, has today called for the weak and ineffective industry-drafted Telecommunications Consumer Protections (TCP) Code to be scrapped in favour of robust and enforceable industry standards that better protect Australian consumers. Communications are an essential service – yet the rules which exist to protect communications consumers are failing in their…
Read More Time to scrap ‘consumer protection’ rules that don’t protect consumers
Here to Help
Financial Counselling Australia (FCA) is reminding those who may be impacted by Cyclone Alfred, there is free financial counselling available. “Weather disasters can lead to unexpected financial problems, and some may find themselves in financial hardship,” said Louise Hayes, FCA’s National Coordinator of Disaster Recovery. “It’s important to know there are financial counsellors who can…
Read More Free financial counselling available to those impacted by natural disasters
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Financial Counselling Australia (FCA) has welcomed an ASIC report calling on Australia’s insurers to improve their complaints handling processes. “We are disappointed but not surprised.?The findings from ASIC’s review of insurance complaints handling mirrors the experience of many financial counsellors supporting their clients through the claims process,” said Vicki Staff, FCA’s insurance expert. ASIC’s review of…
Read More Review Finds Systemic Failures in Insurers’ Internal Dispute Resolution
SCAM ALERT
The National Anti-Scam Centre is warning Australians that criminals are impersonating charities and offering fake financial assistance schemes to target people experiencing financial hardship. No Interest Loan Schemes are offered by trusted charities such as Good Shepherd and the Salvation Army and are intended to support low-income earners and people in hardship who are experiencing…
Read More People in Hardship Targeted in Criminal Financial Assistance Scams
Barriers to Effective Resolution in the Telecommunications Industry; Key insights Report
Telecommunications Industry Ombudsman; Consumer Policy Research Centre
New research commissioned by the Telecommunications Industry Ombudsman (TIO) shows more than 75 percent of Australians have experienced some form of vulnerability in the last 12 months. The research, produced via a partnership between the Consumer Policy Research Centre (CPRC) and the TIO unearthed a suite of sobering assessments in relation to the vulnerability of the consumer…
Read More New Research Highlights Sorry State of Consumer Experience and Trust with Telcos
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A new independent report released by the Melbourne Institute: Applied Economic & Social Research at the University of Melbourne reveals that just over 35 percent of Australians have a concession card, yet only one third of them are aware they may be eligible for energy concessions on their bills. The report surveyed 3187 respondents, 1154…
Read More Majority of Concessioners Not Aware of Energy Bill Concessions
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On 29 November 2023, the Legislative Council agreed to the following motion: That this House requires the Legal and Social Issues Committee to inquire into, consider and report, by 14 November 2024, on the impacts and drivers of, and solutions for, food security in Victoria, including but not limited to —(1) the impact of food…
Read More Inquiry into Food Security in Victoria
Infographic on the ASIC report. Infographic and text-only version can be found at https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-104mr-asic-report-australians-need-better-hardship-support-from-their-lenders/
Some home loan lenders have made accessing financial assistance so difficult that more than one in three (35%) Australians dropped out of the application process at least once, according to a new ASIC report. The report, Hardship, hard to get help: Lenders fall short in financial hardship support (REP 783) outlines findings from ASIC’s review of 10…
Read More ASIC Report Highlights Industry Hardship Failures
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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
