Finance Archives - Page 29 of 73 - Consumers' Federation of Australia

2 December , 2021

ASIC encourages home insurers to be consumer-centric in handling claims this summer

ASIC recently completed a project reviewing insurance claims handling outcomes for consumers affected by the 2019-20 ‘Black Summer’ bushfires. The fires were declared a catastrophe (CAT195) by the Insurance Council of Australia (ICA) on 8 November 2019. During the 2019-2020 fires thirty-three people died, more than five and a half million hectares of bushland was…

29 November , 2021

Consumer advocates welcome recommendation for stricter controls of credit funded gambling online

Financial Counselling Australia (FCA), Financial Rights Legal Centre and the Consumer Action Law Centre welcome the Parliamentary Joint Committee on Corporations and Financial Services’ recommendation for legislation to prohibit online gambling operators from accepting credit card funded deposits. This is a media release from the Financial Counselling Australia. It was originally published on 26th November, 2021. Yesterday the Committee released…

22 November , 2021

BCCC launches deceased estates Inquiry

The Banking Code Compliance Committee’s (BCCC) Inquiry into Code-subscribing banks’ compliance with Chapter 45 of the Banking Code of Practice (the Code) is one of its current major monitoring activities. The obligations under Chapter 45 of the Code are key consumer protections for the representatives and next of kin of deceased customers. This is a media release from the Banking…

9 November , 2021

Banking Code Committee publishes 2020-21 Annual Report

The Banking Code Compliance Committee (BCCC) Annual Report for 2020-21 highlights concerns about banks’ compliance with their guarantees and direct debits obligations under the Banking Code of Practice (the Code). This is a media release from the Banking Code Compliance Committee (BCCC). It was originally published on 8th November, 2021. The BCCC has also shared good practice guidance to improve industry…

8 November , 2021

Mental health discrimination by insurers: new report calls for urgent ASIC investigation

The Australian Securities and Investments Commission (ASIC) should immediately investigate how life insurers treat people with past or current mental health conditions, in response to continuing widespread discrimination by life insurers. This is a media release from the Public Interest Advocacy Centre. It was originally published on 8th November, 2021. This is a key recommendation of Mental Health Discrimination…

2 November , 2021

Major super funds still clinging to junk insurance

Super Consumers Australia is today calling on funds like NGS, Prime Super and Spirit Super to dump junk insurance terms that are putting Australians at risk. The call comes after a sustained campaign over the last two years that has seen over half the market remove or dramatically reduce the impact of this junk insurance.…

2 November , 2021

“Justice delayed is justice denied”: CHOICE on overdue Banking Royal Commission draft laws

CHOICE survey reveals widespread public support for passage of Banking Royal Commission draft laws. “The Australian community has not forgotten the scandals of the Banking Royal Commission. However, it’s been two and a half years since the Federal Government committed to cleaning up the banking industry. Many victims remain without the compensation they deserve while…

28 October , 2021

My Money Dream: award-winning tech relaunches to chase financial wellbeing for young Indigenous Australians

Australia’s leading Indigenous financial literacy organisation, First Nations Foundation has relaunched its award-winning online financial literacy training program, My Money Dream, delivering culturally-appropriate, contemporary education that empowers Indigenous Australians to take control of their financial future. This is a media release from First Nations Foundation. It was originally released on 25th October, 2021. Recently relaunched with an interface…

14 October , 2021

CFA members make submissions to Productivity Commission (PC) “Right to Repair” Inquiry

Several CFA members including: CHOICE, the Consumer Policy and Research Centre (CPRC), the Consumer Action Law Centre (CALC), and the Queensland Consumers Association (QCA), made written submissions on the PC’s draft report on “Right to Repair”. The PC made draft recommendations on many aspects of this very complex and diverse topic. The CFA member submissions…

14 October , 2021

FSC to ban occupational exclusions in default group life insurance in superannuation

The Financial Services Council (FSC) has today announced it will be introducing an enforceable FSC Standard to prohibit the use of exclusions and restrictive disability definitions because a member is employed in a high-risk occupation. It will apply to all default group life insurance in superannuation amongst FSC members. This is a media release from the Financial Services…

4 October , 2021

Life CCC publishes its Annual Report for the 2020-21 financial year

Productive and successful year for life insurance compliance body The Life Code Compliance Committee (the Committee) – the independent Committee which monitors and enforces industry compliance with the customer service standards set out in the Life Insurance Code of Practice (the Code) – today released its Annual Report for 2020–21. This is a media release from the Life Code Compliance…

27 September , 2021

ASIC release report on competition in the Australian funds management industry

On Friday 24th September the Australian Securities & Investments Commission (ASIC) released a report on the state of competition in Australia’s funds management industry. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 24th September, 2021. ASIC commissioned independent research by Deloitte Access Economics (Deloitte) to examine competition between…