EDR Archives - Consumers' Federation of Australia

8 November , 2023

ASIC Takes Action Against Telstra Super in First Proceeding Under its New Regime

Original media release by ASIC (6/11/2023). ASIC has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to comply with internal dispute resolution requirements. This is the first proceeding under this regime, which came into effect on 5 October 2021. The new regime makes certain provisions of ASIC’s Regulatory Guide for Internal…

19 October , 2023

Dispute Resolution Process Unfit for Purpose

In a recent report released by the Consumer Policy Research Centre (CPRC) more than half of Victorian’s who bought a car, used or new, in the past five years have experienced major or minor faults with their vehicle.

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.

6 June , 2023

Mortgage Stress – Getting on the Front Roof

Original article by Chris Siemers, posted on the Australian Financial Complaints Authority website on 05/06/2023. Hundreds of thousands of fixed-rate loans will roll onto much higher rates in coming months, catching up on a year of rate rises from which they have so far been quarantined. Some borrowers face the prospect of being tipped into…

Image 29 March , 2023

TIO Submission for Digital Platforms Ombudsman

Following the Australian Competition and Consumer Commission’s (ACCC) Digital Platform Services inquiry in 2019, and the Treasury’s recent follow-up consultation the Telecommunications Industry Ombudsman (TIO) placed a submission late February 2023 to expand their remit from telecommunications to digital platform services (e.g. search engines, apps). The TIO has supported the proposal for a Digital Platforms…

22 February , 2023

AFCA Systemic issues insights report for 21-22

The Australian Financial Complaints Authority (AFCA) has released its Systemic issues insights report for the 2021-2022 financial year. AFCA identifies systemic issues that have been raised in a complaint or several complaints, which are likely to affect a class of persons in addition to any person who lodged a complaint or raised a concern. It…

8 February , 2023

Increase in phone and internet complaints in quarter two shows impact of Optus data breach

The Telecommunications Industry Ombudsman’s (TIO) Quarter Two Complaints Report shows a 9.9 per cent increase in the number of complaints received between October and December 2022. Residential consumers and small businesses made 17,903 complaints, with more than half of these about mobile services. Complaints this quarter increased largely due to the impact of the Optus…

7 December , 2022

Complaints rise as patronage increases, Ombudsman to look at public transport fines

Data released today in the Victorian Public Transport Ombudsman (PTO) Annual Report shows a 10 per cent increase in public transport complaints handled by the PTO during the 2021-22 financial year. “The increase in complaints we’ve seen is broadly in line with the increase in the number of Victorians travelling again on public transport”, the…

17 November , 2022

Australians send 300,000 complaints to AFCA in 4 years

Australians took more than 300,000 disputes to the Australian Financial Complaints Authority (AFCA) in its first four years, with consumers securing nearly $900 million in compensation and refunds. AFCA also identified and reported 227 definite systemic issues and serious contraventions of the law to federal regulators, resulting in an additional $280 million in refunds to…

27 October , 2022

AFCA releases 2021–22 Annual Review

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…

12 August , 2022

ASIC’s surveillance of internal dispute resolution in superannuation identifies concerns

Superannuation trustees are being urged to review their internal dispute resolution (IDR) arrangements after the first stage of an ASIC surveillance found indicators of significant compliance issues. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 10th August, 2022. ASIC’s surveillance examines trustees’ compliance with the new enforceable requirements…

12 April , 2022

Consumer Guarantees – reimaging redress for consumers

Consumer groups welcomed the consultation on improving the effectiveness of the consumer guarantee and supplier indemnification provisions under the Australian Consumer Law. Ideally, under the Australian Consumer Law, products and services come with a guarantee that they are of acceptable quality, safe with no faults and fit-for-purpose. And when these are not met, consumers are…