Regulator news and government inquiries Archives - Page 11 of 81

6 March , 2024

Memorandum of Understanding Between Philippines and Australian Competition Watch-Dogs

Original media release by and from the ACCC (29/02/2024). A new Memorandum of Understanding (MOU), signed by the ACCC and its Filipino counterpart, the Philippine Competition Commission (PCC), will continue to strengthen cooperation between the two competition regulators. Interagency collaboration fostered by the MOU, will enhance the effective administration of competition law and policy in…

4 March , 2024

ASIC Steps Up Surveillance and Website Takedowns to Shut Down Scams

New data has revealed nearly 3,500 investment scam websites have been knocked out by ASIC’s scam website takedown capability since it was launched in July 2023, as ASIC sharpens its efforts to protect Australians from digitally enabled misconduct.

1 March , 2024

Full Court Finding Supports First Nations’ and ASIC Allegations of ACBF/Youpla Misrepresentation

The Full Court has upheld ASIC’s appeal in its case against ACBF Funeral Plans Pty Ltd (ACBF) and Youpla Group Pty Ltd (Youpla), finding that funeral expenses insurance provider ACBF misrepresented to Aboriginal consumers that it was Aboriginal owned or managed when that was not the case.
[T]he Court found that, on the evidence, it is ‘abundantly clear … that the Aboriginal Ownership/Management Representation is false.’

1 March , 2024

ACCC Supermarkets Inquiry Opens Survey and Consultation

“We will be using our legal powers to compulsorily obtain data and documents from the supermarkets themselves, but consultation with consumers and grocery sector participants is an important first step in our inquiry.”

28 February , 2024

Chair Announced for the Compensation Scheme of Last Resort

Original media release from CSLR (27/02/2024). The Compensation Scheme of Last Resort (CSLR) acknowledges the announcement yesterday from the Australian Government, appointing our independent Chair and the official scheme commencement date. CSLR welcomes Jo-Anne Bloch as our inaugural Chair, marking the completion of the CSLR Board. Ms Bloch was independently appointed by the Minister, in accordance with…

27 February , 2024

ASIC Calls on Industry to Address Issues and Improve Oversight on Choice Super Performance

ASIC’s review found that often there was insufficient emphasis on and a lack of transparency about Choice investment options that failed to meet performance expectations. There was little evidence of trustees communicating to members about investment option performance in a targeted manner, and financial advisers were not always addressing underperformance where relevant.

‘Members should be informed about their super investments – not left in the dark if their super investments are not performing as expected, and there may be better alternatives,’ Ms Constant said.

26 February , 2024

Stopping SMS Scammers Posing as Legitimate Institutions

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.

19 February , 2024

Health Insurers are Increasing their Top-Level Policy Prices by over 30%

“Over the past three years, average health insurance premiums across all levels went up by 8.6%, according to government data. However, our analysis found that the cost of top-level Gold hospital policies has increased by over 30% on average,” says CHOICE health insurance expert, Jodi Bird.

16 February , 2024

MoneySmart Data Reveals Gender Disparity in Young Adult’s Financial Stress

New research released by ASIC’s Moneysmart has shed light on the financial concerns of Australian Gen Z women, revealing that they are more likely than Gen Z men to feel stressed and overwhelmed by finances and money.
“These findings demonstrate the importance of empowering young women to move past girl math and take control of their finances. Countless studies have shown financially literate people are better at budgeting and saving, managing mortgages and debt, planning for retirement, and growing their wealth. These behaviours aren’t inherent – they can be learnt at any age. That’s why we need to change the equation on girl math in 2024,”

14 February , 2024

Airfares Cheaper But Cancellations and Delays Increased in 2023

Domestic airfares generally fell last year after reaching record highs in late-2022, but cancellations and delays remain higher than long-term industry averages, the ACCC’s latest Domestic Airline Competition in Australia report reveals.

The report shows that average revenue per passenger, which represents average prices across all fare types, was 13.4 per cent lower in December 2023 than in December 2022, in real (inflation-adjusted) terms.

12 February , 2024

Consumer Price Transparency and Product Information to be Improved in UK

Following public consultation on ways to improve price transparency and information about products for consumers, the UK government has announced that it will make several changes.

8 February , 2024

Complaints to TIO Increased for the Quarter But the Yearly Decrease Trend Continues

The latest data from the Telecommunications Industry Ombudsman (TIO) reveals that consumers and small businesses made 14,671 complaints between October and December 2023, an increase of 13.4 percent compared to the previous quarter, but a 17.9 percent decrease compared to the same time last year.