Articles

Post thumbnail

With extreme weather continuing to affect large parts of Australia, the importance of insurance is larger than ever. Following from CFA’s webinar on the UK’s System for Flood Insurance, this webinar will examine measures to improve affordability and access of general insurance, including home & contents insurance. It was hosted by CFA on the 7th…

Read More Watch CFA webinar: Is Insurance an Essential Service? Promoting affordability & accessibility for all

Flood Flood

The Australian Financial Complaints Authority (AFCA) has received more than 2,000 complaints from flood-affected consumers in the year since the devastating South-East Queensland/northern NSW storms, with delays in claim handling the most significant issue.  This is a media release from the Essential Services Commission. It was originally published on 27th February, 2023. Disputes with insurers in the…

Read More AFCA receives over 2000 complaints in year since SEQ/NSW floods

ACCC logo ACCC logo

More than 15,000 potentially unsafe products were delisted by online marketplaces signed up to the ACCC’s Australian Product Safety Pledge last financial year, with 98 per cent of regulator-initiated take down requests actioned within 2 days. Pledge signatories also used artificial intelligence, image recognition and automated scanning to prevent hundreds of thousands of unsafe products…

Read More Product Safety Pledge removes thousands of dangerous items from online marketplaces

Logo - Closing Lending Loopholes Logo - Closing Lending Loopholes

Key stakeholders call for buy now, pay later should be regulated as meantime credit In submissions released publicly by the Treasury today, major banks, industry associations, regulators and consumer advocates are unified in calling for an end to lending loopholes allowing buy now, pay later providers to avoid safe lending laws.  Groups who made submissions…

Read More Advocates and industry agree: Time to close lending loopholes on buy now, pay later

volunteer, charity, cloud-1326758.jpg volunteer, charity, cloud-1326758.jpg

Charities have long told their governments that they are wasting time complying with inconsistent and outdated fundraising rules across the states and territories. On one estimate, compliance requirements cost Australian charities more than $1 million per month. In their most recent meeting, the Commonwealth, state and territory Treasurers agreed to a set of nationally consistent…

Read More AGREEMENT REACHED ON REFORM OF CHARITABLE FUNDRAISING LAWS

money, profit, finance-2696228.jpg money, profit, finance-2696228.jpg

he ACCC will investigate how banks set interest rates for savers, including differences in interest rate increases between bank deposits and home loans after the Federal Government directed the ACCC to commence an inquiry into Australia’s retail deposit market. “We welcome this direction from the Government to shine a light on the retail deposit market…

Read More ACCC launches inquiry into deposit interest rates

Post thumbnail

ASIC today published its Indigenous Financial Services Framework (Framework). The Framework is part of ASIC’s role in supporting positive financial outcomes for First Nations people. A corner stone of ASIC developing its Framework was through extensive and thorough consultations with First Nations peoples, financial services industry representatives, as well as fellow Government Departments, Agencies, and…

Read More ASIC publishes Framework to help deliver positive financial outcomes for First Nations people

panoramic landscape, clouds, rain-949448.jpg panoramic landscape, clouds, rain-949448.jpg

Following a spike in consumer complaints since the pandemic, the Office of Fair Trading (OFT) has successfully clawed back more than $11.2 million for Queensland consumers in 2022, through refunds, repairs, replacements and other forms of compensation. More than 19,300 complaints were finalised by the OFT last year. The highest number of consumer complaints continued…

Read More Over $11 million back in the hands of Queensland consumers

Post thumbnail

Consumers’ Federation of Australia has made a submission to the ACCC consultation, ANZ proposed acquisition of Suncorp Bank. The CFA considers that the proposed acquisition is likely to substantially lessen competition for retail banking services in Australia. We also consider the likely detriments of the proposed acquisition exceed any likely public benefits. CFA’s submission notes that ANZ’s proposed…

Read More CFA submission cautions against ANZ proposed acquisition of Suncorp Bank

Post thumbnail

With the increased cost of living highlighted by growing inflation and interest rates, there is concern consumers may look for cheaper home electrical appliances, such as electric blankets, heaters, fans and other items by shopping online or purchasing while overseas. Purchasing, and using, electrical items that do not meet Australia’s strict standards represents a critical…

Read More Household appliances – are they safe?

EV charging EV charging

Electric vehicle (EV) charging is set to transform our electricity systems. The Energy Security Board (ESB) has published a consultation paper on Electric Vehicle Supply Equipment (EVSE) Standing Data, seeking stakeholder feedback on the rationale for data collection, the potential scope of EVSE data coverage, potential data use cases and a range of implementation options including the collection…

Read More Electric Vehicle Supply Equipment Standing Data Consultation Paper