Finance Archives - Page 16 of 74 - Consumers' Federation of Australia

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.

18 October , 2023

New NBN Regulations “places consumers at the heart”

“[1]t’s critical that consumer groups are resourced to genuinely engage with NBN and industry on these critical matters that impact our daily lives. Living up to this promise is key to driving greater value for consumers and NBN over the life of the SAU”.

17 October , 2023

Consumer representative opportunity: Australian Banking Association (ABA) Consumer Outcome Group

The ABA Consumer Outcomes Group is a joint bank and consumer representative forum for discussing and responding to existing and emerging issues to improve consumer outcomes in retail banking.

13 October , 2023

‘Not harmless fun’ – Advocates Call for Credit Card Ban to Extend to Scratchies and Lottery Tickets

“If lotteries get this carve-out and people can use credit cards, it will be the thin edge of the wedge. They will then get carve-outs from future advertising and inducement reforms. We’ll regret this mistake when lotteries are advertised day and night and people increasingly spend large sums of money.”

Ms Levin said lotteries were no longer harmless fun as portrayed by providers. They were now also a far cry from the benign, government-owned public sweeps that we remember from childhood, and which had legislation that mandated donating money to charitable causes.

4 October , 2023

Life Insurance Code Compliance Committee Releases First Annual Report Under the New Code of Practice

The Life Insurance Code Compliance Committee (Life CCC) prioritised supporting a smooth transition to the new Code of Practice in 2022-23, according to its Annual Report.

The Annual Report 2022-23, published today, noted how the work of the Life CCC helped life insurers to proceed with clarity in aligning systems, processes and practices to new obligations in the Code.

The new obligations and additional consumer protections came into effect on 1 July 2023.

29 September , 2023

Major Improvements Highlighted in BCCC Annual Report

Despite some continued questions from the Banking Code Compliance Committee (BCCC) and consumer groups about the lack of reported breaches, an article on the matter can be found here, the latest BCCC Annual Report does showcase some major improvements that BCCC has made over the last financial year.

26 September , 2023

NAB’s Conduct Ruled Unconscionable – Maximum $2.1 Million Penalty Applied

“If systems have let customers down, we expect all financial institutions, especially our banks, to act quickly to reduce consumer harm,”

22 September , 2023

Single Parents Unfairly Priced Out of Health Insurance

Single parents who want to cover their children on their policy will be slugged with an increase of up to 60–70% in many cases. Sometimes they’ll even pay twice as much.

22 September , 2023

Improvements for Consumers But Concerns Linger Over Reporting Practices

The Customer Owned Banking Code Compliance Committee (COBCCC) has recently released its Annual Report for 2022-23 (available here). There was positive news in terms of the preparedness of customer-owned banks to adopt the new 2022 Customer Owned Banking Code of Practice (the Code) which has been characterised as clearer and stronger in its commitments, especially…

22 September , 2023

Preparing for a Bushfire Insurance Claim

“Natural disasters can be one of the most complex issues to navigate when it comes to insurance,” says CHOICE insurance expert Jodi Bird.

“There are some simple things you can do right now to make things easier should you become affected by a bushfire and need to make a claim.”

21 September , 2023

Calls for Independent Inquiry into Super Insurance Gaps

Research conducted by CHOICE in 2022 found many Australians aren’t aware of what insurance they have through their super. Only 54% of respondents knew how much they paid for insurance, and just 51% knew what situations their super insurance covered.