Finance Archives - Page 22 of 73 - Consumers' Federation of Australia

Image 6 April , 2023

APRA Launches Public Consultation on Banks’ ‘Points of Presence’ Data

Media release from Australian Prudential Regulation Authority (APRA), originally released here on 4/04/2023 The Australian Prudential Regulation Authority (APRA) is launching a public consultation on its “points of presence” data – the data APRA collects and publishes on physical banking service channels in Australia. APRA publishes a detailed listing of the number of bank branches,…

Image 4 April , 2023

Now is the time to make positive reforms to bankruptcy laws say consumer advocates

From Consumer Action Law Centre, Released 03/04/2023. Original here. Consumer advocates around Australia have welcomed moves by Attorney-General Mark Dreyfus KC MP to reform bankruptcy laws. Last month, consumer advocates attended a Ministerial Roundtable on Personal Insolvency to discuss pressure points in the current system, critical reform areas and longer-term strategic challenges with the Attorney-General and…

Image 4 April , 2023

IBCCC Publishes its 2021 Annual Data Report: Insurance brokers need to embrace a culture of reporting

From Insurance Brokers Code Compliance Committee 04/04/2023 Media Release. The Insurance Brokers Code Compliance Committee (IBCCC) has urged insurance brokers to recognise the importance of reporting breaches following a concerning finding in its latest Annual Data Report. The IBCCC’s report, which looks at the performance of insurance brokers subscribed to the Insurance Brokers Code of Practice, found…

Image 23 March , 2023

Australians want super paid on time

The following is a media release from Super Consumers Australia, released 21/03/2023 Super Consumers’ national consumer survey finds that two in three Australians agree that super should be paid at the same time as wages. This is in contrast to the three months the law currently allows employers to pay super. Super Consumers Australia is…

1 March , 2023

Watch CFA webinar: Is Insurance an Essential Service? Promoting affordability & accessibility for all

With extreme weather continuing to affect large parts of Australia, the importance of insurance is larger than ever. Following from CFA’s webinar on the UK’s System for Flood Insurance, this webinar will examine measures to improve affordability and access of general insurance, including home & contents insurance. It was hosted by CFA on the 7th…

1 March , 2023

Watch CFA Webinar: Flood Insurance and Relief – the UK experience

This webinar was designed for CFA members, consumer advocates and others to learn from the experience in the UK with flood insurance and relief. It was hosted by CFA on the 6th of September 2022, and was followed by a webinar on the affordability and access of insurance. Below, watch presentations by: Andy Board, CEO,…

1 March , 2023

AFCA receives over 2000 complaints in year since SEQ/NSW floods

The Australian Financial Complaints Authority (AFCA) has received more than 2,000 complaints from flood-affected consumers in the year since the devastating South-East Queensland/northern NSW storms, with delays in claim handling the most significant issue. This is a media release from the Essential Services Commission. It was originally published on 27th February, 2023. Disputes with insurers in the…

27 February , 2023

Trowbridge Review of Strata Insurance Practices

Strata insurance is growing in Australia as a result of more people living in multi-occupier buildings and properties across the county. However, there are a some key problems identified with strata insurance, including: strata managers commonly receive rebates of broker commissions and simultaneously brokers charge fees to owners’ corporations: both of these practices are confusing…

22 February , 2023

Updated G20/OECD High-Level Principles on Financial Consumer Protection published

The G20/OECD High-Level Principles on Financial Consumer Protection has now been revised following a review process. The Principles are the leading international standard for effective and comprehensive financial consumer protection frameworks. As a high-level standard, the Principles are specifically designed and intended to be applicable to any jurisdiction and are cross-sectoral in nature (i.e. they…

17 February , 2023

Advocates and industry agree: Time to close lending loopholes on buy now, pay later

Key stakeholders call for buy now, pay later should be regulated as meantime credit In submissions released publicly by the Treasury today, major banks, industry associations, regulators and consumer advocates are unified in calling for an end to lending loopholes allowing buy now, pay later providers to avoid safe lending laws. Groups who made submissions…

16 February , 2023

ACCC launches inquiry into deposit interest rates

he ACCC will investigate how banks set interest rates for savers, including differences in interest rate increases between bank deposits and home loans after the Federal Government directed the ACCC to commence an inquiry into Australia’s retail deposit market. “We welcome this direction from the Government to shine a light on the retail deposit market…

27 January , 2023

CFA submission cautions against ANZ proposed acquisition of Suncorp Bank

Consumers’ Federation of Australia has made a submission to the ACCC consultation, ANZ proposed acquisition of Suncorp Bank. The CFA considers that the proposed acquisition is likely to substantially lessen competition for retail banking services in Australia. We also consider the likely detriments of the proposed acquisition exceed any likely public benefits. CFA’s submission notes that ANZ’s proposed…