Finance

Regulations

Original media release by and from Consumer Action Law Centre (12/03/2024). Consumer groups have responded to draft Buy Now, Pay Later legislation (BNPL) released today : Quotes attributable to Stephanie Tonkin, CEO of Consumer Action Law Centre“We welcome regulating Buy Now, Pay Later and future unregulated products as credit because every day we are speaking…

Read More Buy Now, Pay Later Regulation A Step Forward, But Regulatory Holes Remain A Concern

black, button, communication-21166.jpg black, button, communication-21166.jpg

“This is completely inappropriate,” said Lauren Levin, The Director of Policy and Campaigns at FCA. “It was shown at a time when children would be watching. ‘Set for Life’ is exposing children to a gambling product and we know gambling can be very harmful.”

One of the contestants won a challenge and part of her prize was a ‘Set for Life’ package worth $60,000. The logo was displayed a number of times during show segments and the product was also mentioned on numerous occasions throughout the episode.

Read More FCA Calls for In-Program Gambling Ads to be Removed from Survivor

Post thumbnail

Original media release from the Hon. Jim Chalmers (MP, Treasurer) and the Hon. Stephen Jones (MP, Assistant Treasurer, Minister for Financial Services). The Albanese Government will introduce a financial sector regulatory initiatives grid to make sure the standard business of regulation is carried out in a more coordinated way. We want to make it simpler…

Read More Regulatory Initiatives Announced for Financial Sector

toolbox, tools, icon-6948937.jpg toolbox, tools, icon-6948937.jpg

Original text from the AER (8/03/2024). The Australian Energy Regulator is developing a toolkit to help consumer-facing energy businesses identify and engage with consumers experiencing vulnerability. The toolkit has been informed by: It summarises insights from these sources into 6 better practice principles: The toolkit has been designed to help staff at consumer-facing energy businesses…

Read More Consultation for AER on Developing a Toolkit to Identify and Support Vulnerable Consumers

laptop, conference table, mouse-7978588.jpg laptop, conference table, mouse-7978588.jpg

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

From Surviving to Thriving: Embedding a well-being framework into financial counselling practice Skills and Knowledge Connections - Survivng - Stabilising - Building - Thriving Identity Health Basic Needs Money

In 2020, the Indigenous Consumer Assistance Network (ICAN) set out to widen the scope of its financial counselling services by looking at how it could deliver a holistic financial counselling framework that could better meet the financial and well-being needs of its service users. Over the past three years, ICAN has been developing a practice framework for its financial counselling services that embeds elements of the Sustainable Livelihoods Framework. Today ICAN has released the report: From surviving to thriving: Embedding a well-being framework into financial counselling practice that shares the learnings from this significant organisational undertaking.

Read More ‘From Surviving to Thriving’ ICAN’s Report on Holistic Financial Counselling

Post thumbnail

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

Post thumbnail

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

Post thumbnail

Original media release from the Attorney-General’s media centre (27/02/2024). The Australian Government has commenced an independent review of Australia’s Credit Reporting Framework. Australia’s credit reporting system plays an important role in assessing eligibility and suitability for credit and in reducing the risk of financial harm to consumers, as well as protecting the privacy of individuals…

Read More Independent Review of Australia’s Credit Reporting Framework Commences

problem, solution, help-2731501.jpg problem, solution, help-2731501.jpg

“No one should come off BetStop and be able to gamble without a sensible deposit limit in place. Right now, a person can revoke the self-exclusion and the following day they can bet $100,000 which is clearly absurd,” Ms Levin said.

The new BetStop data shows that 1400 people have revoked their self-exclusion, and this group are most at risk.

Read More BetStop a Good Start but Expansion is Needed