Finance Archives - Page 37 of 74 - Consumers' Federation of Australia

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…

20 February , 2020

ASIC consults on draft guidance on the new best interests duty for mortgage brokers

ASIC has today started a four week consultation on draft guidance about the new best interests duty for mortgage brokers. The new obligations were legislated by the Parliament in response to Recommendation 1.2 of the Royal Commission. From 1 July, the obligations will require mortgage brokers to act in the best interests of consumers and to…

17 February , 2020

ASIC releases report reviewing trustees’ PYSP communications

ASIC has released the findings from its recent review of superannuation trustees’ communications with their members about changes introduced through the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP). The PYSP reforms were introduced to protect the superannuation savings of Australians from erosion due to inappropriate fees and insurance premiums as well as to reduce unintended…

12 February , 2020

Are you paying for junk insurance in your super?

Casual and part-time workers, people out of work and people in ‘hazardous’ jobs often face the activities of daily living (ADL) test if they make a total and permanent disability claim. This effectively makes the TPD insurance in their super junk. More than 12 million Australians have total and permanent disability (TPD) insurance through their…

6 February , 2020

Consumer advocates welcome Act implementing three key Banking Royal Commission recommendations

Today the Government passed the first omnibus bill in the wake of the Banking Royal Commission, which consumer advocates say will help address long-standing problems with unfair insurance contracts, funeral expenses policies and mortgage broking. The Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures) Act 2019 will address recommendations 4.7, 1.2 and 4.2…

30 January , 2020

Previous CFA Executive Director Jenni Mack awarded a Member of the Order of Australia

Previous Executive Director of Consumers’ Federation Australia Jenni Mack was awarded a Member of the Order of Australia (AM) in the Australia Day Honours for her service to consumer advocacy. CFA is thrilled by the fantastic recognition of Jenni’s long-running contribution to consumer advocacy and the welfare of Australians. Jenni was Executive Director of the…

13 January , 2020

Credit reporting changes to benefit consumers

The Office of the Australian Information Commissioner (OAIC) has approved amendments to the Credit Reporting Code 2014 that will benefit consumers. The changes follow an application by the Australian Retail Credit Association (ARCA) and consultation with consumer groups, industry and regulators. Australian Information Commissioner and Privacy Commissioner Angelene Falk said that amendments to the Code…

17 December , 2019

Share your insights of bankruptcy, debt agreements and financial difficulty assistance

CFA member Nicola Howell (PhD researcher, Melbourne Law School and Senior Lecturer at QUT) is researching the impact of financial difficulty assistance/hardship variations, bankruptcy and debt agreements on consumer debtors . In the next phase of the study, Nicola is keen to hear from financial counsellors, consumer advocates, insolvency practitioners and others working in the…

10 December , 2019

ASIC’s overhaul of responsible lending guidance should focus lenders on the welfare of borrowers

Consumer Action Law Centre (Consumer Action) and Financial Rights Legal Centre (Financial Rights) say ASIC’s overhaul of its responsible lending guidance is a welcome announcement in the wake of the devastating consumer harm exposed during the Banking Royal Commission. Too many lenders, including banks, finance companies, payday lenders, and consumer lease providers have not effectively complied with legal obligations to ensure they do not provide borrowers with unsuitable loans. ASIC’s updated responsible lending guidance make existing laws clearer, easier to enforce and will help to hold…

10 December , 2019

Financial Counselling Australia welcomes ban on unsolicited telephone selling

Financial Counselling Australia welcomes the implementation of a ban on unsolicited telephone sales of life insurance and consumer credit insurance sold without personal advice. ASIC announced that the ban will come into effect on January 13, 2020. In the experience of financial counsellors, who work with people in financial hardship, unsolicited telephone selling targets vulnerable consumers. The…

9 December , 2019

Subscribers to the Customer Owned Banking Code of Practice need to focus on improved customer service delivery

The Customer Owned Banking Code Compliance Committee (the Committee) is pleased to release its Annual Report 2018-19. The Annual Report demonstrates how subscribers to the Customer Owned Banking Code of Practice (the Code) have met their compliance obligations, managed Code breaches and responded to customer complaints throughout the year. It provides an overview of the Committee’s work during…