The Customer Owned Banking Code Compliance Committee (COBCCC) has released its latest Annual Report, reporting on its activities during 2021-22. The report notes that self-reported breaches by customer owned banking institutions for the 2020-21 reporting period decreased 11% on the previous year – the first decrease in six years. More than 568,000 customers were affected…
Read More COBCCC Annual Report 2021-22
An Albanese Government initiative to help reduce the cost of insurance in communities at risk of natural disasters, will enhance mitigation measures and drive better outcomes for insurance holders. The Hazard Insurance Partnership and Strategic Insurance Project aims to address rising insurance premiums and help communities be better prepared for disasters. Federal Minister for Emergency…
Read More Federal Government to develop standard insurance definitions and review standard cover regime
The Life Code Compliance Committee (Life CCC) welcomes the announcement of additional consumer protections for the Life Insurance Code of Practice (the Code). The Financial Services Council (FSC) announced the first industry-wide guidelines on family and domestic violence for life insurance. From July 2023, under the new Code, life insurers must develop and publish their…
Read More Life CCC welcomes additional consumer protections
The Banking Code Compliance Committee (BCCC) has welcomed the Australian Banking Association’s announcement that it has accepted most of the recommendations within its remit of the independent review into the BCCC and its work. “These changes will, ultimately, deliver better outcomes for consumers,” BCCC Chair Ian Govey AM said. “They will improve transparency by holding…
Read More BCCC welcomes ABA response to review of Committee’s work
New research from Super Consumers Australia has found products which failed the annual super performance test have on average cut their fees by 20%. The performance test is protecting Australians from poorly performing super products. In just over one year, every fund bar one that failed the first performance test is addressing its underperformance through…
Read More Failed super funds slash fees
The Save Sorry Business Coalition has welcomed the Federal Government’s initial $7.2 million Budget allocation for the Youpla Funeral Benefits Program. This interim scheme will help a small percentage of First Nations families affected by the collapse of Youpla to conduct the important cultural practice of Sorry Business. This initial commitment is a first step…
Read More First Nations advocates welcome $7.2m in Budget for interim Youpla scheme
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A recent ASIC surveillance found that some fund managers must do more to ensure the investment performance representations in their fund’s marketing materials are appropriate. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 8th September, 2022. Thirteen responsible entities or trustees of investment funds have voluntarily…
Read More Managed funds amend their marketing following ASIC surveillance
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Breaches of the Banking Code of Practice rose 19 per cent in the second half of 2021, according to the latest compliance report by the Banking Code Compliance Committee (BCCC). This is a media release from the Banking Code Compliance Committee (BCCC). It was originally published on 8th September, 2022. The report, Banks’ Compliance with the Banking Code of…
Read More Banking Code breaches need to come down
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Australians are facing the perfect storm for increased financial insecurity in the next 12 months, making them vulnerable to dodgy insolvency advice. On the back of a tough few years of fire, drought, flood and the pandemic, rising interest rates and cost of living pressures mean that more Australians may struggle to pay their bills…
Read More Worried about debt? Talk to your bank or creditors and avoid dodgy advice, warns AFSA
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The state’s economic regulator today released updated water industry standards, strengthening support and protections for Victorian consumers, particularly those facing financial difficulties. This is a media release from the Essential Services Commission. It was originally published on 27th September, 2022. The Essential Services Commission’s water industry standards set out the minimum service requirements water businesses must meet, covering…
Read More New protections for Victorian water customers
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The Australian Securities and Investment Commission (ASIC) has today published updated and revised remediation guidance for financial firms with the goal of treating wronged customers fairer and ensuring they repay losses companies have caused in a timelier fashion. This is a media release from Consumer Action Law Centre (CALC). It was originally published on 27th September, 2022. Consumer Action…
Read More People should get their money back quicker and more easily following new ASIC guidance, say consumer advocates
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ASIC has extended its product intervention order banning the issue and distribution of binary options to retail clients until 1 October 2031. Since it came into effect on 3 May 2021, ASIC’s ban has been fully effective in preventing retail clients from losing money trading binary options in Australia. ASIC’s extension of the product intervention…
Read More ASIC’s binary options ban extended until 2031
