Magnifying glass held over a piece of paper
Despite this slight decrease in resolutions and the facilitation of other outcomes (such as correcting the status of an account), AFCA also so over $28 million more go to consumers then in the previous financial year
Read More AFCA Publishes Second Systemic Issues Insights Report
With the release of the Australian Prudential Regulation Authority’s (APRA) ‘Choice Heatmap‘ which provides greater performance transparency and scrutiny on various multi-sector Choice investment options, Super Consumers Australia (SCA) released a media statement on 26/04/2023 (below) calling for more transparency and testing while emphasising the specific vulnerability of Australian retirees: “It is appalling that after…
Read More “Some super funds shouldn’t be in the market”
Post thumbnail
ASIC has made a product intervention order banning the issue and distribution of binary options to retail clients. The ban will take effect from Monday 3 May 2021 after ASIC found that binary options have resulted in and are likely to result in significant detriment to retail clients. This is an ASIC media release, originally published…
Read More ASIC bans the sale of binary options to retail clients
Post thumbnail
Queensland’s Office of Fair Trading (OFT) is advising Aboriginal and Torres Strait Islander consumers to protect themselves after it was revealed they had lost millions of dollars to scammers. Fair Trading Executive Director Brian Bauer said Indigenous Australians last year reported more than 2,700 scams resulting in $2.1 million in losses, and that figure was…
Read More Indigenous Australians lose millions to scammers
A computer screen showing a line graphy depicting the share market prices
ASIC warns consumers about investment advertising that compares fixed-term investment products to bank term deposits. A surge in such marketing of fixed-term investment products in recent months has prompted ASIC to caution consumers to take care making investment decisions based on such advertising. ASIC is monitoring such advertising and the entities involved because of reports…
Read More ASIC warns consumers: Investment advertising is not always ‘true to label’
Review of property schemes’ disclosure
Read More ASIC’s surveillance program into the managed investment and superannuation sectors identifies holes
Potentially misleading claims re “capital protected products”
Read More ASIC concerns see CBA and HSBC change advertising
Consumer outcomes on rollovers of term deposits have improved by billions of dollars
Read More ASIC releases follow-up term deposit report
ASIC is concerned about confusing labelling
Read More ‘Capital protected’ products – know the underlying risks
Robert Brown shows how the financial services industry tries to avoid discussion of improved regulation and ethics
Read More Dodgy financial practices and the role of investor education
ASIC’s Guide to what must be provided to consumers under FOFA reforms
Read More New guidance on fees for financial advisers
ASIC will require Codes to achieve same outcomes as the FOFA opt-in requirement.
Read More FOFA: Disengaged clients shouldn’t pay ongoing fees for low value services
