Finance Archives - Page 38 of 73 - Consumers' Federation of Australia

26 November , 2019

20,000 Australians demand the end of unfair insurance

“Stand up to the insurance lobby” – that’s the message of leading consumer groups as they deliver signatures of over 20,000 Australians to Parliament House in Canberra. The groups anticipate the Federal Government to act on “Unfair Contract Terms” laws this fortnight, closing a damaging loophole that has allowed insurance companies to profit by using…

15 November , 2019

First Nations Foundation launches word-first financial literacy program

First Nations Foundation (FNF) has launched the world’s first digital financial literacy education program to help First Nations people develop their financial knowledge. While the content of My Money Dream has been developed by Indigenous people for Indigenous people, FNF has added the might and scale of Australia’s largest industries by offering this to the…

8 November , 2019

AFCA’s new ‘Datacube’ enables Australians to see how Financial Firms are handling Complaints

A new online tool launched today means Australians can see how their insurer, bank, financial adviser, superannuation fund or other financial firm has responded to consumer complaints brought to the Australian Financial Complaints Authority (AFCA). In a move designed to increase transparency and consumer education, AFCA has today released its comparative reporting tool, the Datacube.…

4 November , 2019

Caution urged when engaging budget and debt management services

Consumers facing financial difficulties are urged to exercise caution when approached by budget and debt management companies that charge fees for their services. Complaints have been received by Consumer Protection from consumers who claim that they are charged fees for services, which were not delivered and some have signed contracts without realising that this would…

1 November , 2019

$185 million in compensation awarded to consumers in AFCA’s first 12 months

Australians in dispute with their bank, insurance provider, super fund, or other financial firms have lodged 73,000 complaints with the financial sector’s new ombudsman and have been awarded $185 million in compensation, in the first 12 months of its operation. The Australian Financial Complaints Authority (AFCA) is today celebrating 12 months since it opened its…

30 October , 2019

Health insurers are scamming Australians with high-cost plus policies

CHOICE research has discovered that Australians purchasing some Silver Plus health insurance policies are losing hundreds of dollars every year. The research follows CHOICE slamming the industry for rip-off Basic policies earlier this year. “Health insurers are scamming Australians with high-cost plus policies,” says Dean Price, Health Campaigner at CHOICE. “We’ve found over 215 Silver…

29 October , 2019

Review finds insurance brokers need to take their Code obligations more seriously

The Insurance Brokers Code Compliance Committee (the Committee) has released its Annual Review 2018–19. This year’s Annual Review highlights a number of key areas where insurance brokers need to make significant improvements, for the sake of the industry and their clients. A snapshot of the key findings reveals that: The number of self-reported Code breaches increased…

21 October , 2019

General Insurance Code Governance Committee launches website

The Code Governance Committee (the Committee), has launched its website insurancecode.org.au. The Committee’s website is an independent resource for consumers, small business and Code subscribers that will be periodically updated with news about its work and publications. The Committee’s website includes: information about the Committee and what it does, the Code and Code subscribers information…

18 October , 2019

Total and Permanent Disability Cover – a total mess

The Financial Rights Legal Centre has called on the life insurance sector to clean up its act following the release of a damning report by ASIC into Total and Permanent Disability (TPD) claims in both direct life insurance and life insurance in superannuation. The report, Holes in the safety net: A Review of TPD insurance claims, found…

15 October , 2019

ACCC commences pricing transparency inquiry for home loans

The Federal Government has directed the ACCC to immediately commence an inquiry into home loan pricing. The ACCC is to investigate a wide range of issues ranging from the rates paid by new vs existing customers, how the cost of financing for banks has affected bank decisions on interest rates, and why RBA cuts aren’t always…

14 October , 2019

Insurance brokers must do better for consumers when it comes to handling complaints

A report released by the Insurance Brokers Code Compliance Committee (the Committee) has found that insurance brokers who subscribe to the Insurance Brokers Code of Practice (the Code) need to reduce the length of time they take to respond to and resolve complaints if they are to build and maintain consumer trust in the sector.…

14 October , 2019

ASIC urges consumers to question whether SMSFs are right for them

ASIC has warned Australian investors considering establishing their own self-managed superannuation fund (SMSF) to be particularly aware of the potential downside to such a strategy, and that many Australians set up SMSFs that are inappropriate for their circumstances. ASIC has identified eight ‘red flag’ situations which, together or in part, would make it extremely unlikely…