Consumer protection

A house in the right corner of the image A house in the right corner of the image

The Federal Government has directed the ACCC to immediately commence an inquiry into home loan pricing. The ACCC is to investigate a wide range of issues ranging from the rates paid by new vs existing customers, how the cost of financing for banks has affected bank decisions on interest rates, and why RBA cuts aren’t always…

Read More ACCC commences pricing transparency inquiry for home loans

An open door with keys hanging in the lock An open door with keys hanging in the lock

Consumer advocate CHOICE has welcomed draft laws to reform the mortgage broking industry by introducing a duty for brokers to act in their clients’ best interests but called for the government to remove loopholes that would harm consumers. CHOICE says that if done well, this reform will unleash greater price competition in the home loan…

Read More “Loud wake-up call for the problem-plagued mortgage broking industry”: CHOICE

Cans of food stacked on a shelf in a grocery store Cans of food stacked on a shelf in a grocery store

The Queensland Consumers Association (the ‘Association’) is disappointed with the Federal Government’s decision to merely extend the regulation that requires large supermarkets to provide the unit price for prepackaged grocery products until 1 October 2021, without making any changes. The current regulation, which has been in operation for 10 years, was due to expire on…

Read More Federal Govt’s decision on grocery price labelling disappoints consumers

An up-close image of a skyscraper An up-close image of a skyscraper

Scrutiny of add-on insurance products by consumers, regulators and government has increased recently, with a particular focus on the sale of consumer credit insurance (CCI). Insurers and third-party sellers have been criticised for offering poor-quality products, pressure selling and selling to consumers who were unaware they were consenting to purchase CCI. In light of these…

Read More Sale of consumer credit insurance by customer owned banking Code subscribers

A nursing chair and a baby's cot in a nursery A nursing chair and a baby's cot in a nursery

An analysis of CHOICE test data has found key products designed for children still pose a risk as doctors, industry, experts and parents converged on Canberra on Wednesday to demand action. The data shows: Portable cots (60 tested from 2011–2018*): 98% or 59 failed. Strollers (163 tested from 2012–2019): 83% or 136 failed. Cots (173…

Read More Parents demand Canberra act on unsafe products

A black calculator next to a hard copy bank statement A black calculator next to a hard copy bank statement

Consumers’ Federation of Australia has joined a group of financial experts, community advocates, and service providers determined to see stronger laws implemented to protect Australians from irresponsible lenders. The Alliance’s statement: To the Australian Government: Every day our organisations deal with Australians who have been trapped in crippling debt due to high-cost fast loans and…

Read More CFA joins the Stop the Debt Trap Alliance

A desk with a laptop and a business newspaper A desk with a laptop and a business newspaper

Consumer advocate CHOICE welcomes ASIC’s announcement today that the regulator proposes to use its new Product Intervention Powers to ban harmful investment products.  “Binary options and contracts for difference are glorified gambling dressed up by financial licensees as a safe investment. With over four in five investors losing money from binary options investments, it’s clear…

Read More CHOICE welcomes the proposed ASIC ban on risky investment products

A gold watch on a table with button batteries scattered around the watch A gold watch on a table with button batteries scattered around the watch

The ACCC has established a Button Battery Taskforce to investigate ways to reduce risk to the Australian community, particularly children, of button batteries. In Australia two children have died in the past six years after swallowing a button battery, and hundreds of children suspected of swallowing button batteries have ended up in hospital emergency rooms.…

Read More Taskforce to investigate stronger button battery safety

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Financial Rights Legal Centre (Financial Rights), Consumer Action Law Centre (Consumer Action) and Financial Counselling Australia (FCA) have welcomed the Australian Securities and Investment Commission’s (ASIC’s) announcement that it will consult on using new Product Intervention Powers to intervene in the short term credit industry. The new product intervention power allows ASIC to intervene where…

Read More Consumer advocates welcome ASIC intervention in Short Term Credit Market

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The revised Telecommunications Consumer Protection (TCP) Code fails to adequately protect telco consumers, according to consumer groups. Despite consultation with the telco industry and regulator, consumer groups including ACCAN, Consumer Action Law Centre, WEstjustice, Financial Counselling Australia, Financial and Consumer Rights Council, Financial Rights Legal Centre, Money Mob, and HK Training and Consultancy, consider that…

Read More Telecommunications Consumer Protection Code inadequately protects consumers: consumer groups

Law Cases

In its response to the High Court finding that a ‘book-up’ credit scheme operated in the remote Aboriginal community of Mintabie in the South Australian APY lands was not unconscionable, Consumer Action Law Centre (Consumer Action) says that Australia needs an economy-wide prohibition on unfair trading. “Unconscionable conduct is a complex legal term, and it…

Read More Unconscionable conduct: Divided High Court confirms need for change to the law