Finance Archives - Page 28 of 73 - Consumers' Federation of Australia

3 February , 2022

Life Code Compliance Committee publishes Own Motion Inquiry report

The Life Code Compliance Committee (the LCCC), the independent body that administers and enforces the Life Insurance Code of Practice, has released its Own Motion Inquiry report on subscribers’ compliance with the obligation for subscribers to provide customers with an annual notice in writing each year. The annual notice serves to remind customers of their…

28 January , 2022

Fair Digital Finance – World Consumer Rights Day 2022 Theme Announced

Every year, on March 15, the consumer movement celebrates World Consumer Rights Day, raising global awareness of consumer rights, consumer protection and empowerment. Consumers International is proud and privileged to coordinate this day of global collaboration, with 200 consumer advocacy members in over 100 countries. In 2021, 73 of our Members carried out local campaigns to ‘Tackle Plastic Pollution’. Collectively, we reached a total global audience of over 31 million consumers. …

27 January , 2022

Time to finally end the harm done by Cigno loans

Consumer groups and financial counsellors are urging the Australian Securities and Investments Commission (ASIC) to act now to put an end to the use of harmful lending models used to charge excessive fees on top of short-term loans. This is a media release from Consumer Action Law Centre (CALC). It was originally published on 24th January, 2022. For over…

6 January , 2022

Mayfair 101 Group to pay $30 million penalty for misleading advertising

The Federal Court has ordered four companies in the Mayfair 101 Group to pay a combined penalty of $30 million for misleading advertising. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 22nd December, 2021. In March 2021, the Court found Mayfair Wealth Partners Pty Ltd and Online Investments Pty…

20 December , 2021

Banks’ support for customers experiencing vulnerability a work in progress

The Banking Code Compliance Committee (BCCC) today released a report into how banks provide inclusive and accessible banking services and support customers experiencing vulnerability. This is a media release from the Banking Code Compliance Committee (BCCC). It was originally published on 20th December, 2021. The BCCC’s Inquiry found that: banks have invested significant resources to support customers experiencing vulnerability…

17 December , 2021

Productivity Commission’s Final Report on “Right To Repair” Released

Prepared by CFA Executive Member Ian Jarratt, of Queensland Consumers Association. He can be reached at ijarratt@australiamail.com. The final report was handed to the Australian Government on 29 October 2021 and publicly released on 1 December 2021. The Government has not yet announced its response to the report. CFA and several member organisations participated in the…

9 December , 2021

Health funds must exercise caution when calculating COVID-19 relief for policyholders

Insurers have continued to return profits gained from a reduction in claims during the COVID?19 pandemic to policyholders, but ongoing restrictions in some states delayed the full return of these profits in 2020-21, the latest ACCC annual report into the private health insurance industry has found. This is a media release from the Australian Competition & Consumer Commission (ACCC). It was…

9 December , 2021

Tougher consumer protections at core of payments reform welcomed

Treasurer Josh Frydenberg’s announcement today that the Government intends to reform Australia’s payment systems is a real opportunity to improve consumer protection, according to Consumer Action Law Centre. This is a media release from the Consumer Action Law Centre. It was originally published on 8th December, 2021. “Today’s announcement foreshadows consultation on regulatory arrangements for Buy Now Pay Later (BNPL)…

8 December , 2021

AFCA appoints new head of code compliance

The Australian Financial Complaints Authority (AFCA) has appointed a new leader of its Code Compliance and Monitoring Team. Prue Monument has joined as General Manager of Code Compliance and Monitoring and is also the new CEO of the Banking Code Compliance Committee. This is a media release from the Australian Financial Complaints Authority (AFCA). It was originally published on…

7 December , 2021

Exploring the ‘why’ of Compliance and the need for culture shift

The independent committee that monitors the Insurance Brokers Code of Practice (the Code) offers key industry insights and guidance in its newly published Annual Data Report for 2020. This is a media release from the Insurance Brokers Code Compliance Committee (IBCCC). It was originally published on 2nd December, 2021. The Insurance Brokers Code Compliance Committee (the Committee) has…

7 December , 2021

New report shows buy now pay later debt is causing significant financial stress

A new survey of financial counsellors about the impact of buy now pay later (BNPL) on their clients is a wake up call to the community about this new form of debt. This is a media release from Financial Counselling Australia . It was originally published on 6th December, 2021. The report’s title says it all: It’s credit, it causes…

6 December , 2021

Insurers stop renter robodebt and commit to minimum standards to protect tenants

Joint campaign from WEstjustice and CHOICE improves landlord insurance recoveries processes WEstjustice and CHOICE have secured insurance industry commitments to stop the practice of unfairly pursuing renters for accidental damage. This change means that no renter in Australia should receive a bill for accidental or unintentional property damage to the homes they rent. All major…