Finance Archives - Consumers' Federation of Australia

4 September , 2024

BCCC Releases 2023-2024 Annual Report, Deceased Estates a Focus of Investigation

From the Chair of the Banking Code Compliance Committee: This year we issued three sanctions to three banks for serious and systemic breaches of the Code [relating to deceased estates]. This action underscores our commitment to hold banks accountable for the promises they make under the Code and to respond firmly where we find serious…

29 August , 2024

ASIC Report Reveals “shameful neglect” of Banks to Customers

A new report published today from the Australian Securities and Investments Commission (ASIC) reveals a “shameful neglect of thousands of banking customers who have been scammed through no fault of their own and collectively lost millions of dollars”, says Consumer Action Law Centre CEO, Stephanie Tonkin. The report, Anti-scam practices of banks outside the four major…

21 August , 2024

NSW Government Proposes Nation’s Strictest Disclosure Obligations for Strata Managers

The New South Wales government has introduced groundbreaking legislation that imposes the strictest obligations on strata managers in Australia regarding the disclosure of insurance commissions. This legislative move follows a series of public concerns, including those raised by ABC’s 7:30 Report and ACIL, which earlier this year referred 146 instances of misconduct to regulatory authorities.…

13 August , 2024

Australian Financial Complaints Authority – Consumer Panel Members

As a financial ombudsman, AFCA is a for-purpose organisation that provides a free service for individuals and small businesses. AFCA listen to and work with their customers and financial firms to find solutions to complaints which have gone unheard or unresolved. This is your opportunity to make a difference. AFCA is seeking interested Industry and…

12 August , 2024

Top Consumer Tips to Beat Cost of Living Pressures

With ongoing cost of living pressures impacting household budgets, the Consumer Affairs Victoria has come up with some tips to help you become an informed and savvy consumer and to save some money along the way. When you shop, think carefully before you buy. Learn more about consumer guarantees here. Save at the checkout by…

8 August , 2024

Over 70% of Consumers Experience Poor Customer Service

CHOICE survey of 6000 consumers reveals many businesses are giving consumers the run-around A new survey of 6000 CHOICE supporters has found that almost 3 in 4 (73%) have experienced poor customer service from a business they dealt with in the preceding year, and 85% believed that customer service provided by businesses is getting worse. …

6 August , 2024

Advocates Continue Call for Reimbursement Policy as Scam Complaints to AFCA go ‘off the charts’

The Australian Financial Complaints Authority (AFCA) received a record number of complaints in 2023-24 after disputes to the ombudsman service increased 9 per cent to more than 105,000 for the year. Complaints about scams, online and personal transaction accounts, credit cards, and personal loans all saw significant increases. Consumer Action Law Centre CEO Stephanie Tonkin…

2 August , 2024

ACCC Issues Draft Determination on Collaboration in Cash-in-transit Industry

The ACCC has issued a draft determination proposing to grant authorisation with conditions to the Australian Banking Association (ABA), its member banks, and other industry participants to facilitate business continuity planning in the cash in transit industry. The ACCC’s draft determination also proposes to allow the parties to implement business continuity measures in the event of, or…

1 August , 2024

ICAN Launches Yarnin’ Energy as Cost of Living Crisis Continues

ICAN’s Yarnin’ Energy project launched earlier this month after receiving funding from the Queensland Department of Energy and Climate’s, Enable Grants Program. ICAN CEO, Aaron Davis, said, “Inflation has seriously impacted household budgets and higher energy costs contribute to the current cost of living crisis. We’re excited to launch our Yarnin’ Energy project, which combines,…

26 July , 2024

New Research Highlights Sorry State of Consumer Experience and Trust with Telcos

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…

25 July , 2024

Money Yarns, Stronger Futures – Highlighting Challenges and Bold Recommendations

The Consumer Action Law Centre has today released a groundbreaking report titled Money Yarns, Stronger Futures. The report amplifies the voices of First Nations people, sharing their personal experiences to shed light on the significant challenges they face in achieving financial prosperity. Money Yarns, Stronger Futures not only highlights these challenges but also offers bold recommendations for both…

18 July , 2024

Design to Disrupt and Weathering the Storm Awarded the 2024 Consumer Advocacy Award

At the 2024 ACCC National Consumer Congress, the Consumers’ Federation of Australia (CFA) was proud to present our Consumer Advocacy Award for the best consumer advocacy campaign or project of the past year. The nominees this year were all strong contenders: 1. Fair Call, direct regulation for telcos – formed from a coalition of consumer advocates…