Industry

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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

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The Federal Court has found Vanguard Investments Australia contravened the law by making misleading claims about certain environmental, social and governance (ESG) exclusionary screens applied to investments in a Vanguard index fund. At a hearing before Justice O’Bryan on 8 March 2024, Vanguard admitted to engaging in conduct that was liable to mislead the public…

Read More ASIC Wins Greenwashing Case Against Vanguard

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The Australian Finance Industry Association (AFIA) is reviewing its Car Rental Code. Signatories of this code include Avis Budget Group, Hertz, Europcar, Thrifty, East Coast Car Rentals, Sixt, Bayswater Car Rental and Redspot/Enterprise. The Code ensures an industry standard is met on a number of issues, including transparency of pricing and credit card charging practices,…

Read More Seeking CFA Member to Prepare a Submission to a Review of the AFIA Car Rental Code

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“Industry should be providing consumers with clear information about which devices will and won’t work with Triple Zero and can be relied on to access emergency services. The working group and the major telcos must clearly communicate to consumers how they can identify if their device will work after the 3G shutdown, or whether they need to upgrade their device.”

Read More Industry Working Group Welcomed by Consumers as Deadline for the 3G Network Approaches

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About the Opportunity Established in 2021, the Buy Now Pay Later (BNPL) Code of Practice sets best practice standards for the sector and strengthens consumer protections. The BNPL providers accredited to this Code represent an estimated 95 percent of the BNPL market – Afterpay, Brighte, Humm Group, Klarna, Payright, Plenti and Zip Co. The Australian…

Read More Consumer Representative Opportunity: Buy Now Pay Later Code Compliance Committee

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Original media release by and for the Australian Securities and Investments Commission (14/03/2024). The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have published new information to help banks, insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR). The FAR, which takes effect for banks…

Read More Industry Information Package Released in Preparation for the Financial Accountability Regime

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Original media release by and from CHOICE (13/03/2024). Big tech responsible for big losses: 249% increase in social media scam losses since 2020 CHOICE calls for strong rules to force digital platforms to rein in scams Consumer group CHOICE is demanding urgent government action to force digital platforms to prevent scam losses, after the National…

Read More Digital Platforms Need to Take Responsibility, CHOICE Urges Government Action

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Funded in the 2023 Budget, the Government’s Registry works by creating a controlled list of numbers of registered brand names, and preventing text messages from being sent using registered brand names unless the originating number matches the approved phone number on the Registry.
Feedback from consumers, industry, charities and government services will inform Government decision-making about next steps, including funding models for the finalised scheme.

Read More Stopping SMS Scammers Posing as Legitimate Institutions

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Recent super fund data breaches and increasingly sophisticated super scams demonstrate the urgent need for industry collaboration on a super anti-scam code. Super Consumers Australia today is urging the Federal Government to prioritise the safety of Australians’ 24 million retirement savings accounts by introducing a superannuation industry anti-scam code.

Since 2022, up to 178,000 superannuation members across three super funds have been placed at a heightened risk of phishing scams due to known super fund data breaches.

Read More Advocates Call for New Super Anti-Scam Code

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These rules have been developed by the ACMA in response to a direction from the Minister for Communications, the Hon Michelle Rowland MP, to make an enforceable industry standard that will improve safeguards for telco customers experiencing financial difficulties.

The new Telecommunications (Financial Hardship) Industry Standard 2024 requires telcos to establish and promote clearly accessible written financial hardship policies. Telcos must do more to proactively identify customers experiencing financial hardship and prioritise keeping them connected to services.

Read More New Telco Industry Standard to Address “range of financial gaps”

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A coalition of advocacy groups, including Consumer Action Law Centre, CHOICE and the Australian Communications Consumer Action Network, have come out forcefully stating that customer reimbursement, paid for by industry through a customer’s own bank, must be at the centre of the Federal Government’s proposed new scam laws. The advocates say the new laws must be urgently implemented by the end of this year to stop the billions of dollars that are being lost by Australians every year to scammers.

Read More Industry Liability the Clear Path to Scam Reform