Finance

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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 Australian Financial Complaints Authority (AFCA) has announced the appointment of Natalie Cameron as its new Lead Ombudsman for Banking and Finance. This is a media release from the Australian Financial Complaints Authority (AFCA). It was originally published on 6th July, 2022. Natalie was appointed after an extensive executive recruitment process and moves into the position from her…

Read More Natalie Cameron named Lead Ombudsman, Banking and Finance

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New research by Dr Zofia Bednarz has found insurers, using new AI and other models, may be able to collect your online data, and apart from anti-discrimination laws, there are no effective constraints on them using that data to price contracts. This is a media release from The University of Sydney: News & opinion. It was originally published…

Read More Is your insurance company watching you online and is it legal?

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Customer-owned banking institutions may need to step up support for consumers experiencing vulnerability as pressures on people increase and ahead of the introduction of more stringent obligations under a new Code of Practice, a new Report says. This is a media release from Customer Owned Banking Code Compliance Committee. It was originally published on 23rd June, 2022.  While saying many…

Read More Report backs greater support for vulnerable customers

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Have you ever tried switching bank accounts online, only to end up feeling confused by the technology? Any situation in which an individual may be unable to engage fully or effectively in a market is considered consumer vulnerability read more here and watch the video. Protecting the most vulnerable people in society falls not just to government but…

Read More New vulnerable consumers standard ensures everyone gets a fair deal

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Consumer Action is calling for meaningful protections from scams to apply to businesses operating in the crypto sector. This is a media release from Consumer Action Law Centre. It was originally published on 30th May, 2022.  The call comes in a submission to the Treasury’s consultation paper Crypto asset secondary service providers: Licensing and custody requirements, in which Treasury proposes…

Read More Crypto: As risky as gambling and a haven for scams that demands action

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Consumer group CHOICE has released new data from a nationally representative survey of consumers that shows more than 1 in 9 Australians (12%) have purchased crypto such as Bitcoin or Ethereum in the past 12 months. This is a media release from CHOICE. It was originally published on 31st May, 2022. Read a longer CHOICE article on cryptocurrency.…

Read More “Volatile, complex and high-risk”: CHOICE calls for stronger crypto consumer protections

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A CHOICE survey reveals that consumers notice carbon claims and they sometimes influence purchase decisions. But how reliable are they? Need to know New data shows consumers are increasingly taking note of businesses’ carbon credentials But uncertainty remains for some people around whether to trust carbon neutral claims Significant numbers of consumers are factoring carbon…

Read More Consumer awareness growing around carbon credentials

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The new ISO Standard ISO 22458 Consumer vulnerability – Requirements and guidelines for the design and delivery of inclusive service was developed by the international committee ISO/PC 311 Vulnerable consumers. This was written by Alistair Tegart, Former Engagement Manager at Standards Australia and published by SOCAP. Standards Australia’s committee CS-311 Vulnerable consumers worked on Australian input to the…

Read More Standard for responding to vulnerability

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The independent committee that monitors the Insurance Brokers Code of Practice (the Code) has released the findings of an Own Motion Inquiry into how Code subscribers responded to 2020’s trials and whether they had strategies in place to address these and any future challenges. The findings include a series of recommendations for brokers when responding to…

Read More How insurance brokers handled a year plagued by extreme weather events and Covid-19

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CFA has supported a written submission made by a CFA member, the Queensland Consumers’ Association (QCA) to the first phase of an independent review by John Trowbridge of strata insurance practices. The review has been commissioned by the Steadfast Group, a large insurance broker network, and Phase 1 relates to the disclosure practices of intermediaries.…

Read More Independent review of strata insurance practices

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The insurance industry could be relying on erroneous or misleading information concerning consumers and their claims history when quoting, assessing new claims or setting premiums, a damning report commissioned by Financial Rights has found. This is a media release from the Financial Rights Legal Centre. It was originally published on 22nd April, 2022.  The report Privacy Practices in General…

Read More Insurers are failing consumers with shoddy data practices