Finance Archives - Page 15 of 73 - Consumers' Federation of Australia

10 November , 2023

Class Action Launched in Federal Court Against Pawnbroker ‘Taylors Business’

Consumer Action Law Centre (Consumer Action) has filed a class action in the Federal Court of Australia against Taylors Business Pty Ltd. The lead plaintiff, a Victorian woman, represents herself and a group of Taylors Business customers who pawned goods of value to them, but can no longer access their goods because the business has been shut down. Consumer Action became involved when we had a spike of enquiries to our frontlines from affected customers, many distraught at the prospect of losing their items.

8 November , 2023

ASIC Takes Down Over 2,000 Investment Scam and Phishing Websites

At a press conference today, Assistant Treasurer Stephen Jones outlined a new scam website takedown capability implemented by ASIC. The takedown capability removes or limits access to fraudulent and malicious websites on the internet and expands on a three-week trial ASIC conducted in 2022.

8 November , 2023

ASIC Takes Action Against Telstra Super in First Proceeding Under its New Regime

Original media release by ASIC (6/11/2023). ASIC has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to comply with internal dispute resolution requirements. This is the first proceeding under this regime, which came into effect on 5 October 2021. The new regime makes certain provisions of ASIC’s Regulatory Guide for Internal…

2 November , 2023

Concern Remains Over Under-Reporting of Insurance Code Breaches and Complaints

The report, based on data sourced from Code subscribers’ Annual Compliance Statements (ACS) reveals that a notable 175 brokers reported no breaches, and 152 reported no complaints in the reporting period.

Chair of the IBCCC, Oscar Shub, expressed concern over these findings.

1 November , 2023

ASIC to Take “strong regulatory action” in Light of Second Publication on the Reportable Situations Regime

‘The reportable situations regime has now been in place for over two years, and licensees have had ample time to take the necessary steps to ensure full compliance with the requirements,’ said ASIC Chair Joseph Longo.

‘Since its commencement, ASIC has been working with stakeholders to improve the operation of the reportable situations regime, including through providing guidance and modifications. ASIC will now move to taking stronger regulatory action to drive improved compliance with the regime, including enforcement action where appropriate.’

30 October , 2023

Initial Report and Recommendations from the First Nations Digital Inclusion Published

Digital inclusion is a deeply complex issue, with access, affordability and digital ability all playing a role in the extent to which First Nations people and communities are digitally included.

Digital inclusion enables a range of benefits, including supporting economic participation, access to government services, social connectedness, and enjoyment of entertainment and leisure activities.

27 October , 2023

AFCA Publishes 2022-2023 Annual Review, Updates AFCA Datacube

From 1 July 2022 to 30 June 2023, AFCA received 96,987 complaints from consumers and small businesses – 34% more than the year before, and the most ever received by AFCA.

26 October , 2023

General Insurance CGC’s Annual Report Released

“In times of increasing crises, it is imperative that the insurance industry adapts to keep consumers at the forefront of its efforts. We will not accept subscribers using the same excuses in relation to poor handling of claims and complaints due to increased volumes.”

26 October , 2023

‘Don’t get burnt by hype’ the Launch of ASIC’s Latest Consumer Awareness Campaign

ASIC has today launched a consumer campaign to raise awareness of the risk associated with investment hype to coincide with the Australian release of Dumb Money, a new film about the GameStop short squeeze episode in 2021.

25 October , 2023

Australian’s Urged to Be Alert to Rapidly Rising Employment Scams

According to the National Anti?Scams Centre (NASC) financial losses to job and employment scams have increased by over 740% in 2023.

Scammers are targeting jobseekers with lucrative offers to complete tasks, tricking unsuspecting victims into handing over their hard?earned money.

Australians have reported losses of $20 million to employment scams this year alone.

25 October , 2023

ACMA consults on new protections for telco consumers in financial hardship

The proposed standard will apply to all carriage service providers who deal with residential, small business and not-for-profit customers. It will enhance protections for telco customers who are (or may be) experiencing financial hardship through the provision of information and appropriate financial support to help them meet their payment obligations and remain connected to essential telco services.

The standard must be made by 15 February 2024 and commence by 29 March 2024.

We invite submissions on the draft Telecommunications (Financial Hardship) Industry Standard 2024 by 5 pm (AEDT) on Friday 24 November 2023.

23 October , 2023

Australian Financial Complaints Authority Latest ‘Systemic Issues Insights Report’

The Australian Financial Complaints Authority (AFCA) has recently published (19/10/2023) its latest ‘Systemic Issues Insights Report’, covering the second half of the 2022 to 2023 financial year. During that time AFCA received 81 reports, 55 of which were related to systemic matters.