Finance

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In a clear sign that the tail of underperforming funds in the super sector is being cleaned up, only one additional product failed the performance test this year. A further four products failed for a second time, but three of these already have plans to exit the industry.  This is a media release from Super Consumers Australia.…

Read More Performance test continues to drive improvement in underperforming super funds

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ASIC’s review of nearly 4800 individual disability income insurance (IDII) claims received between 1 January and 30 June 2021 has found more work is needed by insurers to ensure that consumers are protected from unfair practices in non-disclosure investigations and physical surveillances. As a result of ASIC’s review, some life insurers have made improvements to…

Read More ASIC review finds room for improvement remains with life insurance claims handling

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The Insurance in a Changing Climate forum was held in Melbourne on 26 July 2022, with over 70 people attending from a range of sectors including financial counselling, consumer law, academia, government and industry. The event was hosted by Financial Counselling Victoria, the Brotherhood of St Laurence and the Melbourne Institute. Through three panel discussions, the forum…

Read More Insurance in a Changing Climate – Event summary

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For the second quarter in a row, record numbers of people are very concerned about the cost of home insurance, according to new data from CHOICE. The nationally representative survey, conducted in June 2022, found that 64% of Australians were very concerned or quite concerned about the cost of home insurance. This is a media release from CHOICE.…

Read More Almost two in three Australians concerned about cost of home insurance

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Superannuation trustees are being urged to review their internal dispute resolution (IDR) arrangements after the first stage of an ASIC surveillance found indicators of significant compliance issues. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 10th August, 2022. ASIC’s surveillance examines trustees’ compliance with the new enforceable requirements…

Read More ASIC’s surveillance of internal dispute resolution in superannuation identifies concerns

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ASIC has released Report 735 Retail investor research (REP 735) capturing retail investor motivations, attitudes and behaviours in the period following the onset of the COVID-19 pandemic. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 11th August, 2022. The research surveyed 1,053 Australian retail investors aged 18 and over who…

Read More ASIC releases research about investment behaviour

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Strata insurance in Australia is a growing class of insurance business as a result of the rising popularity and development of multi-owner properties across the country. However, issues have arisen for consumers living in strata schemes (known as ‘owners corporations’, ‘body corporates’ etc). These issues include: strata managers commonly receive rebates of broker commissions and…

Read More Independent Review of Strata Insurance Practices – phase 1 recommendations

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Australians who are blind or vision impaired face significant barriers and issues when accessing banking and financial institutions and products in Australia, primarily resulting in complete inaccessibility to these institutions and products. This post is taken from a report by Blind Citizens Australia. It was originally published on 15th July, 2022. In a new report, Blind Citizens…

Read More New report from Blind Citizens Australia on access to banking

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This webinar is designed for CFA members, consumer advocates and others to learn from the experience in the UK with flood insurance and relief. Come along and hear from guest speakers: Andy Bord, CEO of FloodRe – a re-insurance Scheme that makes flood cover more widely available and affordable as part of home insurance. Paul Cobbing, former…

Read More Webinar: Flood Insurance and Relief – the UK experience

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Cigno is exactly the sort of business the Australian Securities and Investments Commission had in mind when it asked for stronger powers to ban the sale of harmful financial products. This is a news item from The Conversation. It was originally published on 5th August, 2022. If you are experiencing financial hardship contact the National Debt Helpline on 1800…

Read More How ‘bad credit’ lender Cigno has dodged ASIC’s grasp

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A tenancy advocate and financial counsellor, a domestic violence support group, a child safety program and media stories about funeral insurance were the winners of the 2022 Consumer Protection Awards. This is a media release from The Government of Western Australia: Department of Mines, Industry Regulation and Safety. It was originally published on 2nd August, 2022. The winners…

Read More Family violence, child safety, funeral insurance in awards spotlight

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After an extensive consultation process, new retirement savings targets for homeowners are ready to help Australians get started on their retirement plan. This is a media release from Super Consumers Australia. It was originally published on 18th July, 2022. “Among the most important financial questions retirement-planning Australians face is how much they need to save and what income…

Read More How much do you need to save for retirement?