Finance Archives - Page 40 of 73 - Consumers' Federation of Australia

10 April , 2019

Deliver strong and fair culture or risk business, insurers told

Insurers should accept the challenge of embedding a strong culture of fairness, honesty and transparency, or risk being forced out of business, according to an insurance compliance leader. Lynelle Briggs AO, Independent Chair of the General Insurance Code Governance Committee (the Committee), said there was evidence that some subscribers were not taking the Code and…

5 April , 2019

Budget backing for superannuation consumer advocate

The Federal Government has committed to a process to fund a superannuation consumer advocate in Tuesday night’s budget. Independent consumer groups CHOICE and the Superannuation Consumers Centre (SCC) have welcomed the Federal Government’s announcement to scope the permanent funding of a Superannuation Consumer Advocate but say this needs to be backed by a substantial long-term…

2 April , 2019

APRA and ASIC publish world-leading life insurance data

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released a series of publications and an online tool allowing policyholders – for the first time – to compare life insurers’ performance in handling claims and disputes. The joint project is the culmination of more than two years of work…

28 March , 2019

Life insurance code monitoring body delivers report on Australian life insurance industry compliance

Almost 38 million life insurance cover types were in force at 30 June 2018, according to the inaugural Annual Industry Data and Compliance Report compiled by the Life Code Compliance Committee (LCCC). The report is based on information provided by subscribers to the Life Insurance Code of Practice). Death (41%) and total and permanent disability…

18 March , 2019

Reimagining the Corporation: Fiona Guthrie’s speech to the National Consumer Congress

The following is a transcript of the keynote address presented by Fiona Guthrie AM, Chief Executive Officer of Financial Counselling Australia, at the ACCC 2019 National Consumer Congress. Reimagining the Corporation: Why we need to change the purpose of our biggest companies INTRODUCTION I am going to begin and end this speech in the same place. And that is…

28 February , 2019

Systemic Insight Report: Sales Practices Driving Consumer Debt

The Systemic Insight “Sales Practices Driving Consumer Debt”, shares the Telecommunication Industry Ombudsman’s recommendations on how providers could improve their selling practices to reduce consumer financial over-commitment and debt. The report makes practical recommendations in four areas that providers can adopt in selling post-paid plans and devices: Assessing a customer’s actual capacity to pay Training sales…

15 February , 2019

Going further with a financial counselling review

The Coalition Government has agreed to take action on all 76 recommendations contained in the Royal Commission’s Final Report and, in a number of important areas, is going further, including conducting an immediate review of financial counselling services. In his Final Report, Commissioner Hayne observed, “The desirability of predictable and stable funding for the legal…

6 February , 2019

Consumer groups respond to Royal Commission Final Report

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has now concluded. The Final Report and the Government’s response was released to the general public on Monday afternoon, providing a road map for law reform that should deliver improved standards in the finance sector. Many of the report’s 76 recommendations have been welcomed by consumer organisations including CHOICE, Consumer…

16 January , 2019

Insurers wasting opportunities to learn from complaints

Breaches of complaints standards by insurance companies more than doubled to 4,079 in 2017–18, according to an audit released today by the General Insurance Code Governance Committee (CGC). These breaches amount to more than one-third (35%) of the total Code breaches by subscribing insurers. The Independent Chair of the CGC, Lynelle Briggs AO, said consumer…

14 January , 2019

Free online pathways to solve legal problems

The NSW Government has launched a free online legal service to help people overcome mortgage pressure and settle rates debts with local councils without the stress of court proceedings, Attorney General Mark Speakman announced today. The LawAccess NSW website now provides two interactive guided pathways to match people with the information they need to resolve…

10 January , 2019

Advocates call for changes to superannuation sector

People will be hundreds of thousands of dollars worse off in retirement if the Federal Government doesn’t act now to stop the superannuation sector eroding savings. Today the Productivity Commission has released its plan to reverse the outdated structure that has led to poor performing funds, multiple accounts and zombie insurance policies. Fixing these problems…

18 December , 2018

Lenders commit to improve credit card practices following ASIC review

Today ASIC has released Report 604 Credit card lending in Australia – An update (REP 604), which sets out the changes being made by lenders to help consumers with credit card debt. In July 2018, ASIC released Report 580 Credit card lending in Australia (REP 580), which found more than one in six consumers is struggling with credit card debt. The…