Finance Archives - Page 21 of 73 - Consumers' Federation of Australia

Image 12 May , 2023

Financial Counselling Foundation Welcomes Generous Industry Donation

“The $7.75 million will enable the foundation to not only provide support to existing grants that are
about to expire, but also implement new projects,” Mr Brouwer said. “This comes at a time of great
financial hardship and, consequently, a time of huge pressure on the financial counselling sector.
“Our funding priorities include family violence victims, tenants at risk of homelessness, First Nations
communities and people in prison.”

Image 11 May , 2023

Motor Vehicle Insurance and Repair Industry Code of Conduct – Independent Review

Original from the Insurance Council of Australia (ICA), released there on 10/05/2023. The Motor Vehicle Insurance and Repair Industry (MVIRI) Code of Conduct Committee (CAC) has received Dr Michael Schaper’s final report on the independent review of the Motor Vehicle Insurance and Repair Industry Code of Conduct (the Code). The report provides 15 recommendations in…

Image 11 May , 2023

Voice for Consumers Will Strengthen Superannuation

Original media release on 9/05/2023 by Super Consumers Australia (SCA). The Federal Government has strengthened the superannuation system today by ensuringpeople are paid the super they earn, creating fairer super tax concessions and providinglong-term funding to continue an independent superannuation consumer advocate. SuperConsumers Australia has been delivering on this mission for the last five years…

Image 2 May , 2023

Consumers Want (and need) More from Telcos

“Cost of living issues aren’t going away for the foreseeable future, so it’s particularly concerning that over 40% of the Australian adult population are unaware that they can contact their telco provider for help managing their bills. This research shows that it is imperative that financial hardship policies are promoted by telcos and made easily accessible on their websites,”

Image 2 May , 2023

Super Payday

Super Consumers Australia welcomes the Federal Government’s announcement that people will now be paid super at the same time as wages. The move will see more money in the pockets of Australians at retirement and help the regulator crack down on wage theft.

Image 1 May , 2023

“Some super funds shouldn’t be in the market”

With the release of the Australian Prudential Regulation Authority’s (APRA) ‘Choice Heatmap‘ which provides greater performance transparency and scrutiny on various multi-sector Choice investment options, Super Consumers Australia (SCA) released a media statement on 26/04/2023 (below) calling for more transparency and testing while emphasising the specific vulnerability of Australian retirees: “It is appalling that after…

Image 28 April , 2023

Customer-Owned Banks Urged to Improve Reporting

The Customer Owned Banking Code Compliance Committee (COBCCC) has warned customer owned banking institutions to improve reporting following the release of its 2021-22 Annual Data Report.

Image 26 April , 2023

ASIC Report says Australian Banks are Failing Customers

Australia’s four major banks are failing their customers by taking a ‘variable and…less mature’ approach to scams than expected, with ‘inconsistent and narrow approaches to determining liability’ as well as gaps in how they detect and stop scam payments, according to Report 761 today from the Australian Securities and Investment Commission (ASIC).

Image 19 April , 2023

ACCC Calls for United Front as Scammers Steal Over $3bn from Australians

The Australian Competition and Consumer Commission (ACCC) has just released its 2022 Targeting Scams report in which it found an 80% increase in total losses compared to 2021. Using data from regulators and government agencies, the report highlights the need for further collaboration between government bodies, banks, regulators, telcos, and digital platforms to close “significant…

18 April , 2023

CFA Response to Proposed Suncorp-ANZ merger

The Consumers’ Federation of Australia has made a further submission to the Australian Competition & Consumer Commission (ACCC) about the proposed merger of ANZ Banks and Suncorp Bank. The submission, following the publication of ACCC’s preliminary views, agrees with the ACCC that there are regulatory and structural barriers for smaller providers and newer entrants in…

Image 11 April , 2023

COTA: Don’t lock vulnerable Australians out of banking

The trend towards digital and cashless banking is already negatively impacting many vulnerable Australians as COTA (Council on the Ageing) highlighted in their recent media release, as seen below: The closure of cash services at bank branches risks cutting off access to vital and basic banking services for many older Australians, particularly our most vulnerable,…

Image 11 April , 2023

Direct Debit for Telcos and Utilities a Problem for Vulnerable Consumers

The Australian Communications Consumer Action Network (ACCAN), along with the Public Interest Advocacy Centre (PIAC), has found that while direct debit may work for some consumers direct debits automatic system and lack of flexibility created unfair additional costs and financial distress for vulnerable consumers. In a media release (05/04/2023) ACCAN said: A thriving and competitive…