Finance

2023 Consumer Advocacy Award winners

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.

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

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…

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

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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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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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