Finance Archives - Page 13 of 73 - Consumers' Federation of Australia

18 December , 2023

Increase in Banks’ Breaches of Financial Difficulty Obligations

Despite a decline in breaches overall, the latest report from the Banking Code Compliance Committee (BCCC) shows a concerning increase in breaches of bank obligations to support customers facing financial difficulty.

The report, Compliance with the Banking Code of Practice for January to June 2023, notes that breaches of obligations for dealing with customers facing financial difficulty have increased by nearly 40%.

This comes amidst a 9% decline in overall breaches, signalling a welcome success in efforts to improve practices.

18 December , 2023

AFCA’s Approach to Responsible Lending

The Australian Financial Complaints Authority (AFCA) has published its Responsible Lending Approach, documenting for financial firms and consumers the way it considers complaints in this area.

The Approach was developed in response to calls from stakeholders to provide greater clarity around AFCA’s existing approach and to ensure consistency in AFCA complaint outcomes in these complex areas.

13 December , 2023

2023 Rank the Banks (and Other Lenders) Released

Financial Counselling Australia, in conjunction with the state and territory financial counselling associations, released its bi-annual Rank the Banks (and Other Lenders) survey which found the big four banks performing well, but all other lenders failing their customers in financial hardship.

The survey collates the views of financial counsellors on how the banking industry and other lenders respond to customers in financial hardship. Undertaken in late September and October 2023, 431 financial counsellors responded from every Australian state and territory for a response rate of 42 per cent.

12 December , 2023

Global Consumer Alliance Urges Governments to Require Tech Companies to Protect People from Scams

9 out of 10 Australians also support strong penalties for digital platforms who fail to detect and prevent scams.

“Tech giants such as Facebook, Instagram and Google are failing to prevent scammers from using their platforms to target victims, causing enormous amounts of harm to consumers globally. In Australia, losses reported to Scamwatch from scams on social media have increased to over $66 million in 2023, an increase of more than 40% on the same time period in 2022,” says CHOICE Senior Campaigns and Policy Adviser, Alex Soderlund.

12 December , 2023

ABA Updates and Broadens Accessibility Framework

Every Australian deserves equitable access to banking services. That’s why the Australian Banking Association (ABA) has broadened the scope of its accessibility framework to ensure the banking sector remains inclusive in a fast-changing digital landscape.
An important addition to the Accessibility and Inclusion Principles for Banking Services is a section on embedding accessibility into digital authentication processes, as the banking industry steps up its fight against scams, fraud and identiy theft.

11 December , 2023

Insurance Monitoring Report 2023 Released

The Australian Competition and Consumer Commission (ACCC) has released its Insurance Monitoring Report for 2023, the reports second annual release. The reports key focus was on insurance for homes, strata and small business in the Northern Territory and the effect, reception and role of the government’s new cyclone reinsurance pool. Due to the differences in…

8 December , 2023

C is for Collaboration – Day 2 of Consumers International Global Congress

Today the Congress was abuzz with passionate consumer advocates, experts and regulators taking a deep dive into everything from scams and AI to greenwashing and digital wallets. But at the heart of so many discussions today was the value of and the critical need to collaborate. It was recognised that collaboration both within and across borders is needed to help raise the voices on key issues impacting consumers and to learn from one another. Below are some of the highlights from Day 2!

8 December , 2023

ACCC Authorises Industry Collaboration for Sustainable Access to Cash

“The ACCC will closely assess any proposed response, and in particular the extent to which it secures ongoing access to cash in remote and regional areas where bank branches are limited and members of the public often access cash through non-bank sources including Australia Post and retailers,” ACCC Acting Chair Catriona Lowe said.

“A key condition of this interim authorisation is that the ABA report on their discussions to maintain access to cash in regional and remote areas. This will be an important consideration for any future application for authorisation by the industry.”

7 December , 2023

Telstra to Pay $24 million in Penalties and Refunds for Inaccurate Billing

Telstra has paid a $3,010,320 penalty and refunded over $17.7 million to thousands of customers after charging them for inactive internet services over an 11-year period. A further $3.4 million is to be refunded by the end of the year.

An Australian Communications and Media Authority (ACMA) investigation found that 6,532 customers, the majority of whom were small businesses, were wrongly billed by Telstra an average of around $2,600 between April 2012 and August 2023.

ACMA Chair Nerida O’Loughlin said the ACMA has lost patience with Telstra after this series of significant billing errors.

7 December , 2023

Fair, Safe and Sustainable – Day 1 of Consumers International Global Congress

The Consumers International Congress 2023, held in beautiful Nairobi, Kenya, kicked off its first day with a stellar consumer protection agenda. Officially opened by the Deputy President of Kenya, His Excellency Rigathi Gachagua, E.G.H, the theme of building a resilient future for consumers was well and truly alive through the panel discussions and the conversations throughout the day. Below are some of the highlights from an action-packed Day 1!

6 December , 2023

ASIC Report Released on Online Trading Providers and Increased Risk to Retail Investors

ASIC Commissioner Simone Constant said, ‘ASIC has taken multiple actions to protect retail investors from high risk offers and business practices that may be unfair, inappropriate or result in poor outcomes. Our more proactive approach to identifying and disrupting emerging risks and harms is in response to the rapid pace of change we have observed in recent years. Today’s report and our recent consumer warning campaign are reflective of this.

6 December , 2023

Have Your Say on the Scams Mandatory Industry Code Survey

New mandatory industry codes are being developed by the Australian Government to outline the responsibilities of the private sector in relation to scam activity, with a focus on banks, digital communications platforms, and telecommunications providers. A short survey is also available for members of the public who wish to participate in the consultation process and provide information about their experience with scams, rather than provide a written submission.

You can read the Consultation Paper and how to make submissions here. Submissions are due by 29 January 2024.