Insurance

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More Australians will now have access to support from financial counsellors with the launch of the Financial Counselling Industry Fund (FCIF). The FCIF is the result of a collaboration between the financial counselling sector and a number of industries and companies – Australian Banking Association member banks, Australian Energy Council, Energy Networks Australia, Insurance Council…

Read More Financial Counselling Industry Fund Launches

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The independent panel reviewing the 2020 General Insurance Code of Practice (Code) hasreleased the first of two consultation papers and is calling for written submissions from the public.The independent three-member panel, chaired by former APRA Deputy Chair Helen Rowell, isseeking feedback on the practical operation of the Code and relevant external developmentsincluding: Ms Rowell encouraged…

Read More Independent Code of Practice Review call for Written Submissions

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Total breaches of Code obligations have increased for a third consecutive year according to the latest report released by the Life Insurance Code Compliance Committee (Life CCC). Despite the total breaches rising by 9%, the Annual Industry Data and Compliance Report found that the number of customers impacted by breaches declined between 1 July 2022 and 30…

Read More Life Insurance Annual Data and Compliance Report 2022-2023: The Fall and Rise of Breaches

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The Centre for Women’s Economic Safety (CWES) welcomes the establishment of aParliamentary Inquiry into the effectiveness of financial services regulation in addressing financialabuse.The move follows calls by CWES for regulatory change so the financial sector can better respond tofinancial abuse and design safer financial products.More than 85% of women experiencing domestic and family violence experience…

Read More CWES Statement on the Inquiry into Financial Abuse by the Parliamentary Joint Committee

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On 20 March 2023, the Parliamentary Joint Committee on Corporations and Financial Services commenced an inquiry into the wholesale investor test for offers of securities (Section 708 of Chapter 6D of the Corporations Act 2001) and the wholesale client test for financial products and services (Sections 761G & 761GA of Chapter 7 of the Act) (referred…

Read More Inquiry into Wholesale Investor and Wholesale Client Tests

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Original media release by and for the Australian Securities and Investments Commission (14/03/2024). The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have published new information to help banks, insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR). The FAR, which takes effect for banks…

Read More Industry Information Package Released in Preparation for the Financial Accountability Regime

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Original media release from The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services (7/03/2024). Consultation available here. The Albanese Government is working to improve insurance affordability as more severe weather events contribute to higher costs. As these events intensify and become more frequent, it’s also important consumers know exactly what they are…

Read More Consultation Opens for Standardizing Definitions and Standard Cover for Insurance

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The Insurance Council of Australia (ICA) has appointed a Review Panel to conduct an independent review of the 2020 General Insurance Code of Practice. As part of this, the ICA is providing resourcing to the Consumers Federation of Australia (CFA) for the preparation of joint consumer submissions and engagement with the review.
Please send expressions of interest to info@consumersfederation.org.au by c.o.b. Thursday 7 March 2024. If this date is difficult, please contact CFA Chair

Read More Seeking CFA member to prepare joint consumer submissions to the Independent Review of the 2020 General Insurance Code of Practice

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The Full Court has upheld ASIC’s appeal in its case against ACBF Funeral Plans Pty Ltd (ACBF) and Youpla Group Pty Ltd (Youpla), finding that funeral expenses insurance provider ACBF misrepresented to Aboriginal consumers that it was Aboriginal owned or managed when that was not the case.
[T]he Court found that, on the evidence, it is ‘abundantly clear … that the Aboriginal Ownership/Management Representation is false.’

Read More Full Court Finding Supports First Nations’ and ASIC Allegations of ACBF/Youpla Misrepresentation

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Recent super fund data breaches and increasingly sophisticated super scams demonstrate the urgent need for industry collaboration on a super anti-scam code. Super Consumers Australia today is urging the Federal Government to prioritise the safety of Australians’ 24 million retirement savings accounts by introducing a superannuation industry anti-scam code.

Since 2022, up to 178,000 superannuation members across three super funds have been placed at a heightened risk of phishing scams due to known super fund data breaches.

Read More Advocates Call for New Super Anti-Scam Code