Finance

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Telecommunications and credit and personal finance providers were found to be joint wooden spoon winners in a 2020 Sector Scorecard developed by Consumer Policy Research Centre and Roy Morgan. By delivering the joint worst customer experience overall these sectors have let down their customers when they most needed support. This highlights the need for increased…

Read More Telcos and credit providers fail consumers during COVID-19, says new scorecard

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The Banking Code Compliance Committee (BCCC) today released a report indicating that banks would comply with their direct debit obligation under the Banking Code of Practice (the Code) in only 71% of cases. In March 2021, the BCCC conducted a mystery shopping exercise into banks’ compliance with their obligation to promptly cancel a customer’s direct debit on…

Read More Banking Code Committee concerned by direct debits compliance

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The independent committee that monitors the Customer Owned Banking Code of Practice (the Code) has released its Annual Report for a year marked by the ongoing challenges arising from the COVID-19 pandemic and expectations of the financial services industry to embed extensive regulatory changes stemming from the Financial Services Royal Commission. This is a Customer…

Read More Customer Owned Banking Code Compliance Committee releases Annual Report for 2020-21

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A coalition of the country’s leading consumer organisations is calling on Australia’s major banks to make significant updates to their industry code to improve outcomes for customers. The Consumers’ Federation of Australia’s (CFA) submission of behalf of the coalition to the 2021 review of the Australian Banking Association (ABA) Banking Code of Practice (the Code)…

Read More Banks can do better: Consumer groups make more than 100 recommendations to improve bank behaviour

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The independent committee that monitors the Insurance Brokers Code of Practice (the Code) has released its Annual Report for 2020–21, a year marked by the continued impact and disruptions of COVID-19, the torrent of legislation following the Financial Services Royal Commission and the unprecedented risk challenges facing the insurance industry. This is an Insurance Brokers Code…

Read More Insurance Brokers Code Compliance Committee releases Annual Report for 2020–21

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The majority of money remitters reviewed by the ACCC are now giving consumers the tools they need to easily compare the total price of international money transfers. This is an Australian Competition & Consumer Commission (ACCC) media release, originally published on 10th August, 2021. The ACCC recently reviewed the take-up of its best practice guidance for…

Read More Money remitters improve price transparency after ACCC inquiry

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In a report released on the 11th of August, the Banking Code Compliance Committee (BCCC) highlighted serious concerns about banks’ failure to consistently comply with the 2013 Code’s guarantee obligations. This is a Banking Code Compliance Committee (BCCC) media release, originally published on 11th August, 2021. For the first time in a BCCC Inquiry, a sub-set of…

Read More Banking Code Compliance Committee critical of banks’ guarantees practices

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CHOICE and WEstJustice have called for regulatory intervention to stop insurance companies unfairly pursuing people who rent for claims made on landlord insurance.  This is a CHOICE and WEstJustice media statement, originally published on 6th August, 2021. Read the full investigation. The advocacy groups have presented finance regulator ASIC with evidence of insurers pursuing debts…

Read More Insurers targeting people who rent with unjust bills over $300,000

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Financial Rights Legal Centre is calling on the Australian Government to halt the introduction of new rules that will increase privacy and security risks for people when sharing their financial data. This is a Financial Rights Legal Centre media release, originally published on 30th July, 2021. The government should rescind proposals to: allow the transfer…

Read More Government must go back to the drawing board on new Open Banking rules that undermine Australians’ privacy rights

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Super fund lobby groups have dumped a code of conduct that could have improved how funds handle life insurance claims. Consumer groups Super Consumers Australia and Financial Rights Legal Centre are calling out a self-interested move from industry lobby groups including the Australian Institute of Superannuation Trustees (AIST), the Association of Super Funds Australia (ASFA)…

Read More Super lobby groups fail to keep promises to consumers

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The Banking Code Compliance Committee (BCCC) has published its 2021-24 Strategic Plan and 2021-22 Business Plan. The  2021-24 Strategic Plan outlines the areas we will focus on to achieve our purpose for the period 2021–22 to 2023–24, including taking action to: improve the visibility of the BCCC enhance our intelligence sources and identify important issues expand our engagement with consumer stakeholders…

Read More BCCC publishes 2021-24 Strategic Plan and 2021-22 Business Plan