Finance

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A follow-up inquiry into consumer credit insurance (CCI) has shown that, while customer owned banking institutions have stopped selling add-on CCI, they still have a duty to their customers when it comes to managing loans with active policies and providing referrals to insurance providers. The independent committee that monitors the Customer Owned Banking Code of…

Read More Customer Owned Banking Code Compliance Committee report shows consumer credit insurance obligations are ongoing

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The Customer Owned Banking Code Compliance Committee (the Committee) has released its ACS Verification Report 2019–20: Insights and Learnings. This Report is an addition to the summary data published in the Committee’s Annual Report in December 2020. It contains analysis of the self-reported data collected in the 2019–20 Annual Compliance Statement (ACS) and of the…

Read More Code Compliance Committee releases Annual Data Verification Report 2019-20

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On May 19th, ICAN’s own Unaisi Buli was awarded the prestigious Jan Pentland Prize at the national Financial Counselling Australia Conference held in Darwin, in recognition of her outstanding work in financial counselling. For Unaisi, her work as a Financial Counsellor is a journey that began with seeing injustices happening to her people on a…

Read More Unaisi Buli wins prestigious award

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On Monday 12 April, Consumers’ Federation Australia (CFA) and the Australian Competition & Consumer Commission (ACCC) co-hosted the Consumer Advocacy Showcase & Award, in the final online session for the 2021 ACCC National Consumer Congress. The Showcase celebrates effective and good practice within consumer advocacy. The joint-winners were Fiona Guthrie, with Who’s Making Australians Bankrupt?; and Matthias Oldham, with Junk Insurance…

Read More CFA & ACCC Consumer Advocacy Showcase & Award Winners

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Older Australians will benefit from several measures in the Federal Budget aimed at increasing workforce participation and fixing retirement incomes, Council on the Ageing (COTA) Australia says, but support for vulnerable groups like renters is still missing and long-term solutions are needed to ensure vulnerable Australians are adequately supported. This is a Council on the Ageing…

Read More Older Australians to benefit from Budget’s employment and super reforms; consultation needed on support payments, retirement income

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Super Consumers acknowledges positive steps, with the reforms to deliver fairer super outcomes for women and additional funding for consumer advocacy “Tonight’s budget is a step towards fairer super”, says Xavier O’Halloran, director of Super Consumers Australia. “We welcome the progress made. Financial comfort in retirement is key to people’s wellbeing. Nobody should be left…

Read More Federal Budget “a step towards fairer super”

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The Banking Code Compliance Committee (BCCC) has sanctioned Members Equity Bank (ME Bank) for serious and systemic breaches of the Banking Code. The BCCC found that ME Bank’s communications to impacted customers about changes to their redraw amounts in April 2020 were poor and ineffective. The Code’s Guiding Principles require banks to be accountable and transparent in…

Read More ME Bank named for breaches of the Banking Code

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A challenging year for life insurers and their customers highlights the importance of the Code The Life Code Compliance Committee (the Committee) – the independent Committee which monitors and enforces industry compliance with the Life Insurance Code of Practice (the Code) – today released its 2019–20 Annual Industry Data and Compliance Report. This is a Life…

Read More LCCC Annual Industry Data and Compliance Report 2019-20

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In a report released today, the Banking Code Compliance Committee (BCCC) has stated the impact of COVID-19 on banks’ compliance with the Banking Code of Practice (the Code) appears to be less significant than expected. However, breaches overall increased significantly during the 2019–20 financial year. This is a BCCC media release, originally published on 20th April, 2021.…

Read More Limited impact of COVID-19 on bank compliance

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CFA has endorsed the joint consumer submission to the Treasury Review of the Australian Financial Complaints Authority (AFCA). Contributors to this submission have supported and represented thousands of people in disputes with financial services providers and superannuation funds over many years. This includes extensive experience with the Australian Financial Complaints Authority (AFCA), as well as its predecessor schemes,the Financial…

Read More Joint consumer submission to the Review of the Australian Financial Complaints Authority

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Australian banks are launching updated guidelines on financial abuse as part of their continued focus on responding to family violence and elder abuse. The updated industry-wide approach is designed to ensure bank staff are equipped to recognise signs of financial abuse. This is an ABA media release, originally published on 4th April, 2021. “This kind of…

Read More Banks unite to help customers experiencing financial abuse