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ASIC has published a summary document from a 30 November 2023 virtual workshop which focussed on building an understanding of identification verification challenges faced by First Nations consumers, and how industry can apply flexible approaches while meeting legislative requirements.
Read More ASIC Releases Summary for Indigenous Financial Services Framework Workshop
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After nearly 15 years in the role, Fiona Guthrie is stepping down as CEO of Financial Counselling Australia (FCA), the FCA board has announced.?
Fiona is leaving FCA to take up a new position as the CEO of Way Forward, a not-for-profit organisation that provides free assistance to people in financial hardship.
Read More FCA Announces Departure of CEO and New Appointments
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Consumer advocates call on insurers to act now at flood insurance inquiry
Urgent changes needed to improve claims handling process
A number of consumer advocacy groups – including CHOICE, Financial Rights Legal Centre, Consumer Action Law Centre, and Financial Counselling Australia – will be the first to appear today and tomorrow at a public hearing for the parliamentary inquiry into insurers’ responses to 2022 major floods claims.
Read More Consumer Advocates Call on Insurers to Act Now at Flood Insurance Inquiry
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The Albanese Government has announced its intent to have the Australian Consumer and Competition Commission (ACCC) conduct a year-long inquiry into supermarket prices as allegations of price gouging, a lack of competition in the sector and the cost of living crisis continue. According to a joint press release by the Prime Minister, Anthony Albanese MP,…
Read More Government Announces ACCC Inquiry into Supermarket Prices
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Jobs and employment scams were the fastest growing scam type last year, with Australians reporting over 4,800 job scams to Scamwatch in 2023 leading to losses of $24.7 million, compared to $8.7 million in 2022.
Reports to Scamwatch show that these scams are disproportionally affecting younger Australians aged 18-44 years old, including students looking for part-time work. People from culturally and linguistically diverse backgrounds including non-resident visa holders are also particularly at risk.
Read More Employment and Side Hustle Scams on the Rise
The General Insurance Code Governance Committee (GICGC) has opened a survey asking for consumer experiences with experts involved on assessing loss or damage for home insurance claims. The GICGC’s goal with this survey is to examine how insurers monitor external expert opinions on the causes of loss or damage. The survey should take no more…
Read More Insurance Survey – Experiences with External Experts
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“The volume of complaints escalated to AFCA has been increasing at an unsustainable rate,” David Locke, the Chief Ombudsman and Chief Executive Officer of the Australian Financial Complaints Authority (AFCA), said.
“Scam-related complaints to AFCA have nearly doubled between 2022 and 2023. They continue to be of great concern to us. We are also seeing the impact of increased interest rates and cost of living pressures, with complaints involving financial hardship also significantly higher,” Mr Locke said.
Read More Ombudsman Warns of “Unsustainable” Increase as AFCA sees a Record 100,000 Complaints
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ASIC has extended its product intervention orders made in relation to short term credit and continuing credit contracts so that the orders remain in force until they are revoked or they sunset on 1 October 2032.
Since the orders came into effect on 15 July 2022, they have reinforced consumer protections by preventing the provision of short term credit and continuing credit contracts that involve unreasonably high fees. These fees exceeded the cost caps imposed by the National Credit Code.
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In the 2023–24 Budget, the Government announced funding to support a consumer advocate in the superannuation sector. This means that consumers will have an independent voice advocating for better outcomes on their behalf to Government and industry.
Super Consumers Australia has been chosen as the successful recipient of this funding, following an open and competitive grant process. Super Consumers Australia will promote the interests of members by representing members in policy development and supporting better member understanding of the superannuation system.
Read More Strong Consumer Voice for Superannuation Sector Announced
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The Senate has established a Select Committee on Supermarket Prices, to inquire into and report on the price setting practices and market power of major supermarkets.
The committee is seeking submissions that address the terms of reference by Friday, 2 February 2024 and the committee’s final report is due by 7 May 2024.
Read More Submissions Open for Senate Inquiry into Supermarket Prices
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A new survey of almost 9000 supporters from consumer group CHOICE has found 40% of respondents had a flight cancelled or delayed in the past 12 months.
“As we head into the Christmas season, a huge number of people will be relying on flights to visit family and friends. Unfortunately, our survey of almost 9000 people from across the country has found consumers still face a number of difficulties when dealing with the aviation industry,” says CHOICE Senior Campaigns and Policy Advisor, Bea Sherwood.
Read More Consumer Groups Call for New Passenger Rights for Flyers as Delays and Cancellations Continue
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The 2023 Australian Consumer Survey has just been released and the figures are interesting, with a little over half of all purchases in Australia are now made online compared to 23% in 2016. The concerns of consumers also reflects this online trend as consumers making online international purchases are often unsure about the application of Australian Consumer Law (ACL), and as more and more people are targeted by, and are concerned about, scams.
Read More Consumer Thoughts: 2023 Australian Consumer Survey Released
