Articles Archives - Page 46 of 180 - Consumers' Federation of Australia

28 September , 2022

Managed funds amend their marketing following ASIC surveillance

A recent ASIC surveillance found that some fund managers must do more to ensure the investment performance representations in their fund’s marketing materials are appropriate. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 8th September, 2022. Thirteen responsible entities or trustees of investment funds have voluntarily…

28 September , 2022

Banking Code breaches need to come down

Breaches of the Banking Code of Practice rose 19 per cent in the second half of 2021, according to the latest compliance report by the Banking Code Compliance Committee (BCCC). This is a media release from the Banking Code Compliance Committee (BCCC). It was originally published on 8th September, 2022. The report, Banks’ Compliance with the Banking Code of…

28 September , 2022

Car sales in remote Indigenous communities: A broken system

In part two of CHOICE’s investigation, we look at the problems faced when trying to get a repair or refund. It’s July 2022 and Marilyn and Peter are sitting in the Cairns office of the Indigenous Consumer Assistance Network (ICAN). They’ve been waiting for this day for a long time. This is an article from CHOICE.…

28 September , 2022

Remote Indigenous communities left with broken cars and no redress

CHOICE travels to the remote Indigenous community of Wujal Wujal in Far North Qld to investigate dodgy motor vehicle sales. Cedric Friday says that every time he looks at his broken-down Holden Captiva it makes him angry. The second-hand car that he and his brother-in-law spent $19,000 on sits immovable in his driveway. This is…

28 September , 2022

Worried about debt? Talk to your bank or creditors and avoid dodgy advice, warns AFSA

Australians are facing the perfect storm for increased financial insecurity in the next 12 months, making them vulnerable to dodgy insolvency advice. On the back of a tough few years of fire, drought, flood and the pandemic, rising interest rates and cost of living pressures mean that more Australians may struggle to pay their bills…

28 September , 2022

New protections for Victorian water customers

The state’s economic regulator today released updated water industry standards, strengthening support and protections for Victorian consumers, particularly those facing financial difficulties. This is a media release from the Essential Services Commission. It was originally published on 27th September, 2022. The Essential Services Commission’s water industry standards set out the minimum service requirements water businesses must meet, covering…

28 September , 2022

People should get their money back quicker and more easily following new ASIC guidance, say consumer advocates

The Australian Securities and Investment Commission (ASIC) has today published updated and revised remediation guidance for financial firms with the goal of treating wronged customers fairer and ensuring they repay losses companies have caused in a timelier fashion. This is a media release from Consumer Action Law Centre (CALC). It was originally published on 27th September, 2022. Consumer Action…

9 September , 2022

Circular economy – what does it mean to me?

We have traditionally taken a linear approach to products: we take, make, and discard. When a new phone is released, we simply dispose of the old one. We’re depleting a finite quantity of resources and degrading our planet in the process. We are crossing planetary boundaries, putting our own existence and wellbeing in jeopardy. This…

9 September , 2022

ASIC’s binary options ban extended until 2031

ASIC has extended its product intervention order banning the issue and distribution of binary options to retail clients until 1 October 2031. Since it came into effect on 3 May 2021, ASIC’s ban has been fully effective in preventing retail clients from losing money trading binary options in Australia. ASIC’s extension of the product intervention…

5 September , 2022

Australians make submissions on proposed NZ grocery unit pricing system

Following its decision to require grocery retailers to provide consumers with unit pricing (pricing per unit of measure), the NZ government recently released a wide ranging Discussion Paper seeking views on many aspects of unit pricing, including system design, scope and implementation, prior to releasing draft legislation. It is now considering submissions received. The system…

5 September , 2022

ASIC review finds room for improvement remains with life insurance claims handling

ASIC’s review of nearly 4800 individual disability income insurance (IDII) claims received between 1 January and 30 June 2021 has found more work is needed by insurers to ensure that consumers are protected from unfair practices in non-disclosure investigations and physical surveillances. As a result of ASIC’s review, some life insurers have made improvements to…

5 September , 2022

Insurance in a Changing Climate – Event summary

The Insurance in a Changing Climate forum was held in Melbourne on 26 July 2022, with over 70 people attending from a range of sectors including financial counselling, consumer law, academia, government and industry. The event was hosted by Financial Counselling Victoria, the Brotherhood of St Laurence and the Melbourne Institute. Through three panel discussions, the forum…