Finance Archives - Page 23 of 73 - Consumers' Federation of Australia

25 January , 2023

Insurance premiums in northern Australia remain high ahead of insurers joining reinsurance pool

Insurance affordability remains a significant issue in northern Australia and other high cyclone risk areas, according to the ACCC’s first insurance monitoring report. This is a media release from the Australian Competition & Consumer Commission (ACCC). It was originally published on 20th December, 2022. The report finds that policyholders in those regions face much higher premiums on…

12 January , 2023

Media Release: ANZ-Suncorp merger ‘tipping point’ in eliminating effective competition in banking

The Consumers’ Federation of Australia (the CFA) has labelled the proposed ANZ-Suncorp merger a “tipping point” in eliminating effective competition among Australia’s banks. In a submission to the Australian Competition & Consumer Commission (the ACCC), the CFA says that if the ANZ-Suncorp merger is approved, there will be no limits on further bank mergers resulting…

10 December , 2022

Superannuation trustees on notice to uplift complaints handling

Superannuation trustees are on notice to improve their internal dispute resolution systems after a targeted review of trustee compliance with the enforceable complaints handling requirements found that some trustees had sub-standard arrangements for managing complaints. Report 751 Disputes and deficiencies: A review of complaints handling by superannuation trustees (REP 751) outlines ASIC’s findings on compliance…

3 December , 2022

Consumer protections for high-cost and harmful payday loans and consumer leases finally pass Parliament

After a late-night Senate sitting, Consumer Advocacy groups across Australia are celebrating the passing through the Federal Parliament of long overdue reforms that will protect consumers from falling into payday loans and consumer lease debt traps. The Financial Sector Reform Bill 2022 has finally passed after 6 years of advocacy by the Stop the Debt…

1 December , 2022

Health funds continue to return profits to meet COVID-19 commitments

Health insurers have handed back to policyholders about $2.1 billion of the profits they gained from a reduction in claims between the start of the pandemic and 30 June 2022, the ACCC’s latest report into the private health insurance industry has found. Figures submitted by insurers to the Department of Health and Aged Care show…

1 December , 2022

Insurers record an increase in significant breaches of the Code of Practice

A substantial increase in significant breaches of the General Insurance Code of Practice points to a concerning trend among insurers, according to the Annual Report of the General Insurance Code Governance Committee (GICGC) published today. The 2021-22 Annual Report highlights the increase in significant breaches, noting that a large number were related to customers being…

29 November , 2022

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 on from CFA’s webinar on UK’s System for Flood Insurance, this webinar will examine measures to improve affordability and access of general insurance, including home & contents insurance. December 7th 20221 – 2pm AEDT This event will…

29 November , 2022

New liquidator data reveals ‘targeted exploitation’ of First Nations communities through Centrepay system

Youpla’s liquidators also revealed the company has had over 150,000 policies active at different times between 1992 and 2019, with around 20,000 still active in 2019. This reveals the scale of the harm caused to First Nations communities and provides insight into how their exploitative model relied on ‘churning’ sign-ups and cancellations to maximise profits…

28 November , 2022

Insurance broker company culture producing better outcomes for customers

The Insurance Brokers Code Compliance Committee (IBCCC) has released an Own Motion Inquiry report examining how subscribers to the Insurance Brokers Code of Practice drive good behaviours and encourage a culture of compliance within their organisation. Following the Culture is Key report, published by the IBCCC in November 2021, the Own Motion Inquiry report is…

22 November , 2022

Buy now pay later changes must go all the way, consumer groups say

Buy now pay later (BNPL) products must be fully regulated as credit to protect consumers and put all credit providers on a level playing field, a coalition of consumer groups has said. The group, including CHOICE, financial counselling associations and consumer legal centres, has made the call as Treasury releases a consultation paper setting out…

19 November , 2022

Consumer experiences sought for a new inquiry into guarantees

The Banking Code Compliance Committee (BCCC) wants to hear from people about their experiences acting as a guarantor for a loan, to check whether banks have improved their practices since a BCCC inquiry last year found serious failures. The BCCC monitors banks’ compliance with the Banking Code of Practice, which includes obligations to ensure people…

17 November , 2022

Australians send 300,000 complaints to AFCA in 4 years

Australians took more than 300,000 disputes to the Australian Financial Complaints Authority (AFCA) in its first four years, with consumers securing nearly $900 million in compensation and refunds. AFCA also identified and reported 227 definite systemic issues and serious contraventions of the law to federal regulators, resulting in an additional $280 million in refunds to…