Finance Archives - Page 36 of 73 - Consumers' Federation of Australia

16 April , 2020

BCCC seeks feedback on its Inclusivity, Accessibility and Vulnerability Inquiry

The Banking Code Compliance Committee (BCCC) invites feedback about the proposed scope of its Inclusivity, Accessibility and Vulnerability Inquiry, which focuses on the obligations set out in Chapters 13 and 14 of the Banking Code of Practice. This consultation paper is being distributed to all Code-subscribing banks. In addition, the BCCC has extended the consultation…

6 April , 2020

Scammers targeting superannuation in COVID-19 crisis

Scammers are now trying to exploit Australians financially impacted by the COVID-19 crisis with new superannuation scams being reported to Scamwatch in recent weeks. Scammers are already trying to take advantage of the Government’s recent announcement that people suffering financial hardship can have partial access to their superannuation from mid-April. “Scammers are cold-calling people claiming…

3 April , 2020

ASIC warns of unlicensed financial advice by real estate agents to tenants

ASIC has written a letter to the real estate institutes in each state outlining concerns about some real estate agents who are advising tenants to apply for early release of their superannuation. AISC warns that such conduct by real estate agents may be in contravention of the Corporations Act as it may may constitute unlicensed…

2 April , 2020

Banking Code Compliance Committee response to bank and customer COVID-19 challenges

The Banking Code Compliance Committee (BCCC) recognises that both Code subscribing banks and their customers are facing unprecedented challenges due to the COVID-19 pandemic. The BCCC welcomes the various initiatives announced by the ABA to assist customers to meet these challenges. It believes that these measures will contribute to the fair treatment of customers. Customers…

31 March , 2020

“Penalties for not taking up private health cover must be suspended”: CHOICE

Consumer advocate says Lifetime Health Cover Loading should be suspended in light of COVID-19 financial pressures Consumer advocate CHOICE is calling on the Federal Government to suspend consumer penalties for not taking up private health insurance in light of the COVID-19 crisis. The advocacy group says the Government should add an extra 365 days to…

12 March , 2020

Understand the cost of medical procedures using Medical Costs Finder

The Medical Costs Finder is an online tool that helps people understand the cost of common medical procedures by specialists in Australia. In line with the Australian Government’s strategy to improve understanding and transparency of out of pocket costs, the web tool uses the most recent publicly available Government data about what people have paid…

11 March , 2020

Consumer Action releases Regulator Watch report

Consumer Action Law Centre has released its second edition of Regulator Watch: The enforcement performance of Australia’s consumer protection regulators. In 2013, Consumer Action published the first edition of ‘Regulator Watch’, which was written in response to the absence of a public mechanism to compare the enforcement work being done by Australia’s various consumer protection regulators. Since…

10 March , 2020

Private health insurance premiums rise despite growing exclusions

For the first time, the majority of hospital treatment policies held by Australians now contain exclusions, the latest ACCC annual report into the private health insurance industry has found. More than 57 per cent of policies held by Australians contain exclusions, up from about 44 per cent in the previous year. “Many people may not be aware…

4 March , 2020

Banks must be fair, reasonable and ethical in all circumstances

The Banking Code Compliance Committee (BCCC) has published a Guidance Note on clause 10 of the 2019 Banking Code of Practice (the Code). Clause 10 of the Code requires a Code subscribing bank to engage with customers in a fair, reasonable and ethical manner. Clause 10 is one of the Code’s most important obligations and should be embedded within…

4 March , 2020

Consumer advocates comment on draft legislation that responds to over a quarter of Banking Royal Commission recommendations

Consumer Credit Legal Service (WA), CHOICE, Consumer Action Law Centre, Financial Counselling Australia, Financial Rights Legal Centre and Super Consumers Australia have published policy submissions that respond to 22 of the Royal Commission’s 76 recommendations. After the shocking scandals of the Royal Commission, consumer groups are supportive of the Treasurer Josh Frydenberg’s efforts to enact…

2 March , 2020

Revised version of the Banking Code in effect from 1 March 2020

On 17 December 2019, the Australian Banking Association announced a revised version of the Banking Code would take effect from 1 March 2020. The changes to the Code address recommendations from the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The changes include: ceasing default interest on…

26 February , 2020

ASIC releases update on its enforcement and regulatory work

ASIC has released an update on its work in the six-month period from September 2019 to February 2020, including its response to the referrals and recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). It follows previous updates on ASIC’s response to the Royal Commission’s recommendations…