Finance Archives - Page 19 of 73 - Consumers' Federation of Australia

25 July , 2023

9 Out of 10 People Have Encountered a Scam in the Last 12 Months

New research from CHOICE has revealed 9 in 10 people suspect they have encountered at least one scam in the past 12 months, with over half of respondents encountering a suspected scam every week.

“Scams are increasing rapidly throughout Australia, often creating significant distress and financial hardship for victims. New technological advances mean scams are also becoming more difficult to identify. Our research found 88% of people say scams have become more sophisticated or harder to spot recently,” says CHOICE CEO Alan Kirkland.

21 July , 2023

CGC Thematic Inquiry into Better Claims Decisions

The General Insurance Code Governance Committee (CGC) has just released a report, Thematic Inquiry into Making Better Claims Decisions, analysing instances from six insurance providers (who subscribe to the General Insurance Code of Practice) where initially denied claims were later accepted after an Internal Dispute Resolution (IDR) process.

20 July , 2023

Buy Now Pay Later – Debt Traps and Essentials

Financial Counselling Australia’s latest report, ‘Small Loans, Big Problems’, has highlighted once more the need for urgent reform to the Buy Now Pay Later (BNPL), especially with the continued cost of living crisis and with many still feeling the impact of the 2022 floods.

20 July , 2023

Inquiry into Insurer Responses to 2022 Floods Announced

In 2022 almost all Australian Territories and States experienced substantial flood events with New South Wales and South-East Queensland some of the worst affected areas. Now, after months of coverage over poor and variable insurer responses to flood damage and coverage, the Albanese Government is launching an inquiry into insurer responses.

18 July , 2023

Cigno, BHF Solutions Found to Have Engaged in Unlicensed Conduct

ASIC has been successful in its action against Cigno Pty Ltd (Cigno) and BHF Solutions Pty Ltd (BHF Solutions), with the Federal Court finding that both companies engaged in credit activities without holding an Australian credit licence. ASIC also obtained permanent injunctions against Cigno and BHF Solutions to protect consumers.

The decision follows a series of appeals during the litigation, including an unsuccessful bid by Cigno and BHF Solutions to seek special leave in the High Court in December 2022 (22-360MR).

18 July , 2023

APRA, ASIC: Super trustees need to improve retirement outcomes planning’

A thematic review of how superannuation trustees are supporting their members under the Retirement Income Covenant has found that trustees need to make more progress to enhance retirement outcomes. The review was conducted jointly by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).

17 July , 2023

More Support Needed to Help Victorian Households Manage Power Bills

“Four years on from the launch of the payment difficulty framework in Victoria, we’re still seeing some really worrying gaps in the assistance energy retailers are providing to people who are struggling with their energy bills,” said Luke Lovell, Acting Director of Policy and Campaigns, Consumer Action.

17 July , 2023

Banking Code Compliance Committee Prioritises Bank@Post’s Compliance with the Code

The Banking Code Compliance Committee (BCCC) is working with the Australian Banking Association (ABA) to coordinate with 12 of its members to ensure banking services offered through Bank@Post comply with the Banking Code of Practice.

Bank@Post arrangements provide a valuable face-to-face service, particularly as banks close branches, especially in regional and remote areas.

The BCCC wants to ensure, as a priority, that important consumer protections have been implemented for the services banks offer through Bank@Post.

7 July , 2023

Direct Regulation for Financial Hardship – ACMA Puts Telco Industry on Notice

The ACMA and consumer advocacy groups have welcomed the move by the Federal Government to empower the regulator to make and enforce financial hardship standards.

6 July , 2023

ASIC Acts to Ensure Better Banking Outcomes for Indigenous Consumers

The Better Banking for Indigenous Consumers Project reviewed target market determinations (TMDs) for both high-fee and low-fee ‘basic’ accounts offered by some of Australia’s major and regional banks. ASIC issued notices to those banks requiring data on fees charged to consumers in locations with higher-than-average proportions of Indigenous people and for customers in receipt of AbStudy payments.

The review found that many Indigenous consumers identified in the data were in high fee accounts paying high fees, despite being eligible for a low-fee ‘basic’ account.

4 July , 2023

Save Sorry Business Campaign and Stop the Debt Trap Alliance Win CFA’s 2023 Consumer Advocacy Award

At the 2023 ACCC National Consumer Congress, the Consumers’ Federation of Australia (CFA) was proud to present our Consumer Advocacy Award for the best consumer advocacy campaign or project of the past year. The nominees this year were all strong contenders.

4 July , 2023

National Anti-Scam Centre’s First Fusion Cell to Disrupt Investment Scams

Original media release from the ACCC, 03/07/2023. The National Anti-Scam Centre will coordinate an investment scam fusion cell to combat the growing problem of investment scams, which are costing Australians more than $1 billion a year. The fusion cell will be led by the ACCC and ASIC and include representatives from the banks, telecommunications industry…