Finance

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Beyond Blue and Financial Counselling Australia (FCA) are encouraging people to access free support services to cope with the economic impacts of the coronavirus pandemic. The organisations have launched the Money on Your Mind campaign to support people experiencing financial stress and mental health issues. Australian Bureau of Statistics data shows 41 per cent of…

Read More Money on your mind – campaign to improve mental and financial health

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In a report released on Monday, the Banking Code Compliance Committee (BCCC) has urged banks to improve their breach reporting to the BCCC. The report summarises banks’ self-reported breach data for the six months that followed their adoption of a revised Banking Code of Practice on 1 July 2019. The report outlines that banks have…

Read More Banking Code monitoring body calls for further improvements in breach reporting

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Queensland’s Office of Fair Trading (OFT) is advising Aboriginal and Torres Strait Islander consumers to protect themselves after it was revealed they had lost millions of dollars to scammers. Fair Trading Executive Director Brian Bauer said Indigenous Australians last year reported more than 2,700 scams resulting in $2.1 million in losses, and that figure was…

Read More Indigenous Australians lose millions to scammers

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New consumer data released today by the Consumer Policy Research Centre (CPRC) investigates the experience of consumers during the three months from May to July and raises serious alarms about the debt tsunami facing young people (18-34) as they try to make ends meet during COVID-19. 70% of young Australians are now concerned about their…

Read More Young people facing debt tsunami as they borrow from their future to make ends meet

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Superannuation trustees that were classifying new members as ‘smokers’ by default and charging them higher life insurance premiums have ceased this practice, and some trustees have remediated members for the extra premiums paid. Between 2017 to 2020, ASIC engaged with seven superannuation businesses, (comprising nine superannuation trustees) that had been, either at the time or…

Read More Superannuation trustees compensate members wrongly classified as ‘smokers’

A website designed to empower consumers and help insurance brokers improve their service standards has been launched by the independent Insurance Brokers Code Compliance Committee (the Committee) that monitors compliance with the Insurance Brokers Code of Practice (the Code). It is an exciting development for the Committee, which works with consumer groups, regulators and Code subscribers to…

Read More New website of the Insurance Brokers Code Compliance Committee links consumers and insurance brokers

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On 6 July 2020, the Banking Code Compliance Committee (BCCC) launched an Inquiry into Code-subscribing banks’ compliance with Part 4 of the Banking Code of Practice (the Code). The obligations under Part 4 of the Code are key consumer protections for disadvantaged customers and are particularly relevant as the community faces heightened challenges due to…

Read More BCCC launches vulnerability, inclusivity and accessibility Inquiry

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Super Consumers Australia urges insurers to drop discriminatory policies that don’t protect the unemployed or people working limited hours. Super Consumers Australia has warned that the insurance industry will put approximately 343,000 people at financial risk if it doesn’t take action by the end of September. The warning comes after the Financial Services Council promised…

Read More COVID job losses leading to people paying for junk insurance

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Today’s announcement by the banking industry of further assistance to help customers experiencing financial hardship will provide some important relief to those who continue to be impacted by COVID-19.  CHOICE, Financial Rights Legal Centre, Consumer Action Law Centre and Financial Counselling Australia are at the forefront of helping people impacted by COVID-19, particularly people doing…

Read More Banks Announcement of Further Assistance for Customers a Timely Relief: Consumer Groups

In this short animated video, Legal Aid Queensland’s Paul Holmes, senior lawyer (consumer advocate), Civil Justice Services team talks about how to reduce your debt, particularly during COVID-19. In the legal information bites series, Legal Aid Queensland talks about the law, your rights and where to get legal help if you need it. To find…

Read More How to reduce your debt – Legal information bites by Queensland Legal Aid

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Australians in dispute with their bank, insurer, super fund or financial firm have lodged more than 80,000 complaints in the last 12 months, with the Australian Financial Complaints Authority (AFCA) securing $258.6 million in compensation and refunds direct to consumers.  People made 80,546 complaints to AFCA between 1 July 2019 and 30 June 2020. This…

Read More AFCA receives more than 80,000 complaints in FY19/20, nearly 5,000 of which are COVID-19 related

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Consumers can now choose to share their banking data to access more personalised financial products and services following the launch of the Consumer Data Right today. All four major banks are capable of sharing their customers’ data, when requested by the customer. Other authorised deposit-taking institutions will join the Consumer Data Right over the coming…

Read More Consumer Data Right goes live for data sharing