Finance Archives - Page 32 of 73 - Consumers' Federation of Australia

31 March , 2021

Banks call for consistent laws to prevent elder abuse

Australian banks are urging state and territory governments to adopt consistent laws on powers of attorney to prevent elder financial abuse. This is a media release from the Australian Banking Association. It was originally published on 31st March, 2021. State and federal Attorneys-General are meeting today to consider a scope for a national register of power of…

22 March , 2021

General Insurance in Australia Report 2019-20

The General Insurance Code Governance Committee (the Committee) has today released its annual report for the 2019-20 financial year. The report includes analysis of trends and service standards in the general insurance industry in a year that included significant summer bushfires, flooding and the start of the COVID-19 pandemic. This is a General Insurance Code…

17 March , 2021

31,000 credit complaints since Banking Royal Commission

Data reveals postcodes flooded with complaints about loans as Government plans to remove lending protections An analysis by consumer group CHOICE has revealed over 31,000 complaints have been made about credit products since the end of the Banking Royal Commission’s hearings. The analysis comes as crossbench Senators in Federal Parliament decide on a government proposal…

3 March , 2021

BCCC Report – Building Organisational Capability: How banks can improve compliance with the Banking Code of Practice and deliver better customer outcomes

The banking code compliance committee (BCCC) has released a report providing Code-subscribing banks’ senior leaders with guidance on how to build organisational capability to improve compliance with the Banking Code of Practice (the Code). The BCCC released the following media release on February 26 2021. The report provides Code-subscribing banks’ (banks) senior leaders with guidance…

26 February , 2021

Bank systems, technology, staff development and culture key to improve banking customer outcomes

Banks too often blame compliance failures on ‘human error’, according to the Banking Code Compliance Committee (BCCC). Between 2017 and 2019, more than 90% of breaches of the Banking Code of Practice were attributed to staff errors. This is a BCCC Media Release In a report released today, the BCCC has urged banks to take…

24 February , 2021

Review of the Australian Financial Complaints Authority

The Australian Government Treasury is undertaking an independent review of the Australian Financial Complaints Authority (AFCA). AFCA provides consumers and small businesses with independent dispute resolution for financial complaints. The Treasury will undertake the review and is to report to the Minister for Superannuation, Financial Services and the Digital Economy by no later than 30 June 2021.…

19 January , 2021

Most brokers handling insurance add-ons well, but there is room for improvement: Report

A report on the sale of add-on general insurance products by the independent committee monitoring the Insurance Brokers Code of Practice (the Code) outlines the extent to which and how Code subscribing insurance brokers provide add-on insurance products to their clients. This is an Insurance Brokers Code Compliance Committee media release The Insurance Brokers Code…

21 December , 2020

ABA report confirms credit card funded gambling doesn’t have community support

A new report by the Australian Banking Association (ABA) shows it’s time to immediately ban the use of credit cards for gambling. This is a Financial Counselling Australia Media Release The ABA has released the results of its consultation process about the use of credit cards for gambling. A survey conducted to inform the report…

21 December , 2020

Financial Rights report reveals risks and opportunities in Open Insurance

Financial Rights Legal Centre has released a landmark report on the concept of Open Insurance – the application of the Consumer Data Right to the general insurance industry. This is a Financial Rights Legal Centre Media Release Financial Rights’ Chief Executive Officer Karen Cox said the Open Insurance report by Dr Richard Tooth of Sapere…

16 December , 2020

“Nothing more than marketing schemes”: CHOICE on ASIC’s review of school marketing programs

Corporate regulator slams banks’ school marketing schemes as CHOICE calls on State and Territory Education Ministers to ditch Dollarmites. This is a CHOICE Media Release “CHOICE welcomes ASIC’s comprehensive review into school banking programs. This is the first time ever in over a century that these school-based marketing schemes have been reviewed,” says CHOICE CEO…

16 December , 2020

Up to 1.9 million Australians paid debt vultures in the last 12 months: Consumer Action Law Centre

According to a new report released yesterday by Consumer Action Law Centre, approximately 1.4 to 1.9 million Australians have paid for debt management or credit repair services in the last 12 months. These companies are known as ‘debt vultures’ as they often target people in financial hardship with poor quality debt advice and services. This a Consumer…

11 December , 2020

Consumer groups comment on Banking Royal Commission reforms

Consumer groups welcome yesterday’s passage of Royal Commission recommendations into law, but condemn the government for introducing the law to axe safe lending laws into the House. This is a joint media release by CHOICE, Consumer Action, Financial Counselling Australia and Financial Rights Legal Centre. “This week the government has proposed to slightly strengthen and…