Industry

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Financial Counselling Australia welcomes the sanctioning of Westpac for breaching the Banking Code of Practice when it closed its branch in Tennant Creek. The branch was suddenly shut in September 2022 leaving some customers with no access to money. “It was a complete mess and done with no consultation. Some people were unable to buy…

Read More Advocates Welcome Sanctioning of Westpac for Branch Closure

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The ACCC has outlined preliminary competition concerns with Sigma Healthcare Limited’s (ASX: SIG) proposed acquisition of Chemist Warehouse Group Holdings in a Statement of Issues published today. “This is a major structural change for the pharmacy sector, involving the largest pharmacy chain by revenue merging with a key wholesaler to thousands of independent pharmacies that…

Read More Proposed Merger Raises Concerns Over Pharmacy Sector Competition

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New laws regulating Buy Now, Pay Later (BNPL) have been announced today. Consumer groups respond as follows: Quotes attributable to Stephanie Tonkin, CEO of Consumer Action Law Centre “We welcome the Albanese Government’s new laws that regulate Buy Now, Pay Later as credit and introducing consumer protections. “Every day we speak to people in financial…

Read More Consumer Groups Welcome New Credit Regulations for Buy Now, Pay Later

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Australians are being urged to directly seek financial hardship assistance from their bank or lender, as new nationwide research released by ASIC’s Moneysmart sheds light on the state of financial hardship in Australia. The research found that 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in…

Read More Research Finds Millions Experience Hardship, Yet Many Don’t Ask for Help

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The ACCC has granted authorisation with conditions to the Australian Banking Association (ABA), the Customer Owned Banking Association, banks, retailers and other industry participants to allow them to continue developing responses to support the distribution of cash across Australia. This follows concerns expressed by the major supplier of cash-in-transit services in Australia, Armaguard, that the…

Read More Bank Industry to Continue Cash Transit Collaboration

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A survey of 280 scam victims by consumer group CHOICE has found they are left carrying the burden of scams after big businesses like telcos, tech platforms and banks fail to step up and protect them. 61% of respondents said they had lost confidence in doing financial transactions online. The survey results, detailed in CHOICE’s…

Read More Passing the Buck: Scam Victims Carrying Unfair Burden

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The industry codes will start with banks, telcos, social media, digital messaging and search advertising services, and will require these groups to have measures in place to prevent, detect, disrupt, respond and report scams.

This will be complemented by strong regulator enforcement action, penalties for non?compliance, and victim compensation where wrongdoing occurs.

Read More Albanese Government to Introduce Mandatory Anti-Scam Industry Codes

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Australia’s aviation sector appears to have recovered from the COVID-19 pandemic as passenger levels and capacity returned to pre-pandemic levels, the ACCC’s latest Domestic Airline Competition in Australia report reveals.  Australia’s major airlines—Bonza, Jetstar, Qantas, Rex and Virgin Australia —carried 4.9 million domestic passengers in March 2024, which represented 98.8 per cent of passenger figures in March…

Read More Airline Travel and Capacity Returns to Pre-Pandemic Levels

Infographic on the ASIC report. Infographic and text-only version can be found at https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-104mr-asic-report-australians-need-better-hardship-support-from-their-lenders/ Infographic on the ASIC report. Infographic and text-only version can be found at https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-104mr-asic-report-australians-need-better-hardship-support-from-their-lenders/

Some home loan lenders have made accessing financial assistance so difficult that more than one in three (35%) Australians dropped out of the application process at least once, according to a new ASIC report. The report, Hardship, hard to get help: Lenders fall short in financial hardship support (REP 783) outlines findings from ASIC’s review of 10…

Read More ASIC Report Highlights Industry Hardship Failures

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More Australians will now have access to support from financial counsellors with the launch of the Financial Counselling Industry Fund (FCIF). The FCIF is the result of a collaboration between the financial counselling sector and a number of industries and companies – Australian Banking Association member banks, Australian Energy Council, Energy Networks Australia, Insurance Council…

Read More Financial Counselling Industry Fund Launches

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Total breaches of Code obligations have increased for a third consecutive year according to the latest report released by the Life Insurance Code Compliance Committee (Life CCC). Despite the total breaches rising by 9%, the Annual Industry Data and Compliance Report found that the number of customers impacted by breaches declined between 1 July 2022 and 30…

Read More Life Insurance Annual Data and Compliance Report 2022-2023: The Fall and Rise of Breaches