Finance

SCAM

Australians reported more than 108,000 scams and financial losses of about $175 million to the National Anti-Scam Centre’s Scamwatch service in the first half of 2025, with fake websites, online advertisements, and contact through social media criminals’ preferred methods of reaching people. This Scams Awareness Week (25-29 August), the National Anti-Scam Centre is joining together…

Read More Scam Reports Down and Monetary Losses Up from 2024

News

The Council of Australian Life Insurers (CALI) has recently appointed Peter Kell to conduct and Independent Review of the Life Insurance Code of Practice (the Life Code).   As part of the Review, the Consumers’ Federation of Australia has been asked to select an appropriate organisation from our members to conduct a funded sector-wide submission to…

Read More Consumer Sector Submission for Independent Life Insurance Code Review

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A report released today (August 7 2025) by the Telecommunications Industry Ombudsman (TIO) finds telcos are failing to consistently support customers in financial hardship and, in some cases, are unintentionally causing or making financial stress worse. The report, ‘Keeping connected: Experiences of telco consumers in financial hardship,’ is informed by a review of over 900…

Read More New Report Shows Telcos Continue to Fail Vulnerable Consumers

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Australia’s peak communications consumer body, ACCAN, has welcomed news that Optus will pay one of the largest consumer law penalties in Australian history – a $100 million fine, subject to court approval, for unconscionable conduct. ACCAN CEO Carol Bennett said, “Unconscionable conduct is a high bar and one that Optus has spectacularly surpassed in its behaviour…

Read More Optus Admits to Unconscionable Conduct, Advocates Welcome ACCC Action but Highlight Need for Strong Telco Regulation

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The Indigenous Consumer Assistance Network (ICAN) has welcomed the Australian Securities and Investments Commission’s (ASIC) timely review of the motor vehicle finance industry. The review aims to address systemic issues affecting consumers in regional, remote, and First Nations communities. ASIC’s review, announced in March, will scrutinise lenders, brokers, and intermediaries for compliance with consumer protection…

Read More ICAN welcomes ASIC review into motor vehicle finance industry

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The National Anti-Scam Centre has seen a significant rise in financial criminals targeting Australians in phishing scams that scare people to believe that their bank accounts or cryptocurrency wallets have been hacked or compromised. These scams use a sense of urgency and fear to make people act quickly and use phrases such as ‘account compromised’,…

Read More National Anti-Scam Centre warns that criminal ‘account compromised’ scams are on the rise

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The ACCC has released a draft determination proposing to grant authorisation with conditions to allow the Australian Sustainable Finance Institute (ASFI) and industry participants to collaborate on sustainable finance initiatives for five years. ASFI is seeking authorisation for itself, ASFI members and other industry participants to exchange information to improve the integration of natural capital…

Read More ACCC’s draft authorises collaboration on sustainable finance initiatives

News

Financial counsellors have launched their federal election campaign – When every dollar counts, so does financial counselling – we can’t afford to wait. Financial Counselling Australia (FCA), along with all the state financial counselling associations, is calling for a commitment from all sides of politics to provide increased and more sustainable funding, particularly for face-to-face financial…

Read More Every dollar counts – financial counsellors launch election campaign

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Preliminary research commissioned by the Australian Communications Consumer Action Network (ACCAN) raises alarm bells for policymakers and regulators. Findings point to widespread consumer harm and deep mistrust in the telecommunications industry. The polling, conducted as part of the first tranche of ACCAN’s consumer sentiment research, highlights troubling experiences of telco behaviour and unmet expectations. “Given…

Read More Research highlights consumer distrust in broken telco system

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Australia’s peak communications consumer body, ACCAN, has today called for the weak and ineffective industry-drafted Telecommunications Consumer Protections (TCP) Code to be scrapped in favour of robust and enforceable industry standards that better protect Australian consumers. Communications are an essential service – yet the rules which exist to protect communications consumers are failing in their…

Read More Time to scrap ‘consumer protection’ rules that don’t protect consumers

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The 2022 Insurance Brokers Code of Practice (the Code) is currently under review. The National Insurance Brokers Association (NIBA) is actively seeking engagement with the review from the consumer sector and has provided the Consumers’ Federation of Australia (CFA) with funding to support the consultation. The Independent Reviewer, Phil Khoury (CKR Consulting), is examining several…

Read More Review: Insurance Brokers Code of Practice