John Trowbridge, a consultant and insurance industry expert who has been conducting an independent review into strata insurance, has released a handbook for navigating strata insurance, available for free here. The Disclosure Handbook is designed as a reference guide for owners, strata committees, strata managers and brokers. It has been prepared on completion of an…
Read More Free Strata Insurance Handbook Released
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The Federal Parliament has passed the Treasury Laws Amendment (Financial Services Compensation Scheme of Last Resort) Bill 2023 to establish an industry-funded compensation scheme of last resort for victims of financial misconduct. Quotes attributable to Alan Kirkland, Chief Executive Officer of CHOICE: “The introduction of a compensation scheme of last resort is an historic moment…
Read More “Historic moment for consumer financial protection”: CHOICE on the passage of compensation scheme of last resort
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A report from the Customer Owned Banking Code Compliance Committee (COBCCC) has highlighted the importance of Code subscribers seeking clarity about the new Code’s requirements, mitigating human error through training and continuously evaluating compliance frameworks.
Read More Transition Challenges and Opportunities Revealed in Latest COBCCC Report
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Consumer groups and the financial counselling sector have welcomed the launch of a new customer code for the energy sector.
The Knock to Stay Connected customer code requires network companies to visit people at risk of disconnection and encourages them to outline the support and referral services available if the customer is having payment difficulties, with the aim of keeping them connected.
Read More Knock to Stay Connected: National Customer Code Welcomed by Consumer Groups
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Original media release (7/06/2023) from the Treasurer, The Hon Dr Jim Chalmers MP: The Albanese Government is taking the next important steps to modernise the way Australians make and receive payments. The Strategic Plan for Australia’s Payments System released today presents a roadmap for the development of the sector. Our vision is for a modern, world?class and…
Read More Modernising the Payment System
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Fraudsters are impersonating banks over SMS and phone calls, creating elaborate scams that are difficult to spot
Vulnerabilities in SMS and phone networks currently allow the scams to flourish, but experts say a new registry will help close these loopholes
In the meantime, consumers are urged to watch out for messages and calls from their bank urgently asking them to transfer money
Read More SMS and Bank Impersonation Fraud – What you need to know to avoid being scammed
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Original article by Chris Siemers, posted on the Australian Financial Complaints Authority website on 05/06/2023. Hundreds of thousands of fixed-rate loans will roll onto much higher rates in coming months, catching up on a year of rate rises from which they have so far been quarantined. Some borrowers face the prospect of being tipped into…
Read More Mortgage Stress – Getting on the Front Roof
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From an FSC media release (02/06/2023): The Financial Services Council (FSC) is proud to announce the upcoming implementation of the New Life Code of Practice (new Life Code) on 1 July 2023, which will introduce over 50 comprehensive consumer protections that will change the way customers interact with their life insurers. FSC, CEO, Blake Briggs said: “This significant milestone…
Read More FSC to Rollout Changes to Life Insurance Code
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The Australian Securities and Investments Commission (ASIC) has issued against used car lender Money3, claiming that it failed to adequately train staff on relevant credit laws and did not ensure proper financial checks on the affordability of the loan were made.
Read More Enforcement Action Taken Against Money3
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Despite this slight decrease in resolutions and the facilitation of other outcomes (such as correcting the status of an account), AFCA also so over $28 million more go to consumers then in the previous financial year
Read More AFCA Publishes Second Systemic Issues Insights Report
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One year after 120 consumer groups signed an open letter to have BNPL regulated as conventional credit, the Assistant Treasurer Stephen Jones MP has announced that BNPL will largely be brought in line with the Credit Act – though not all requirements will be applied.
Read More Regulation of Buy Now, Pay Later Announced – Consumer Groups Respond
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John Trowbridge has just released the third phase of his independent review into strata or body corporate insurance practices. The synopsis found here and released on Trowbridge’s website, places priority on implementing a disclosure regime, the focus of Trowbridge’s Phase 1 paper, and working with all relevant parties to alleviate the current and ongoing market capacity problem.
Read More Trowbridge Strata Insurance Review Phase 3 – “a blueprint for affordability, availability and competition”
