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New research shows Gen Zs are feeling financially stressed, with high levels of debt including Buy Now Pay Later use.
Read More Gen Z and Finance – Stress, Debt, BNPL, and the Desire for Better Money Skills
Fraud Alert
ASIC has today strengthened its scam prevention tools to support consumers with the publication of a new investor alert list. Consumers can use this list to help inform themselves as to whether an entity they are considering investing in could be fraudulent, a scam or unlicensed.
Read More New Investor Alert List Replaces ‘Companies you should not deal with’
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Greenwashing is simply misleading and deceptive conduct by another name, writes ASIC Deputy Chair Sarah Court FAICD.
Read More Greenwashing a ‘misleading statement’ says ASIC
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At a press conference today, Assistant Treasurer Stephen Jones outlined a new scam website takedown capability implemented by ASIC. The takedown capability removes or limits access to fraudulent and malicious websites on the internet and expands on a three-week trial ASIC conducted in 2022.
Read More ASIC Takes Down Over 2,000 Investment Scam and Phishing Websites
Law Cases
Original media release by ASIC (6/11/2023). ASIC has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to comply with internal dispute resolution requirements. This is the first proceeding under this regime, which came into effect on 5 October 2021. The new regime makes certain provisions of ASIC’s Regulatory Guide for Internal…
Read More ASIC Takes Action Against Telstra Super in First Proceeding Under its New Regime
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“ACCAN has unfortunately continued to receive extremely concerning reports of victim-survivors being asked to engage with perpetrators,” said ACCAN Deputy CEO, Dr Gareth Downing.
“Technology-facilitated abuse is becoming more commonplace, and it is unconscionable that Australians facing DFV risk being cut off from potentially life-saving channels of communication, due to poor practices and processes on the part of some in industry” said Dr Downing.
Read More ACCAN Calls for Consumer Protection Against Domestic and Family Violence
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‘The reportable situations regime has now been in place for over two years, and licensees have had ample time to take the necessary steps to ensure full compliance with the requirements,’ said ASIC Chair Joseph Longo.
‘Since its commencement, ASIC has been working with stakeholders to improve the operation of the reportable situations regime, including through providing guidance and modifications. ASIC will now move to taking stronger regulatory action to drive improved compliance with the regime, including enforcement action where appropriate.’
Read More ASIC to Take “strong regulatory action” in Light of Second Publication on the Reportable Situations Regime
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This information is shared so consumer representatives can keep up-to-date with developments in industry food labelling.
Read More Guidelines for Plant-Based Product Labelling
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From 1 July 2022 to 30 June 2023, AFCA received 96,987 complaints from consumers and small businesses – 34% more than the year before, and the most ever received by AFCA.
Read More AFCA Publishes 2022-2023 Annual Review, Updates AFCA Datacube
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“In times of increasing crises, it is imperative that the insurance industry adapts to keep consumers at the forefront of its efforts. We will not accept subscribers using the same excuses in relation to poor handling of claims and complaints due to increased volumes.”
Read More General Insurance CGC’s Annual Report Released
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ASIC has today launched a consumer campaign to raise awareness of the risk associated with investment hype to coincide with the Australian release of Dumb Money, a new film about the GameStop short squeeze episode in 2021.
Read More ‘Don’t get burnt by hype’ the Launch of ASIC’s Latest Consumer Awareness Campaign
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The Consumers’ Federation of Australia (CFA) was recently contacted (below) by and about the Parliamentary Joint Committee on Law Enforcement’s new inquiry into cybercrime. As per our new Strategic Plan, CFA will not be writing up a separate submission but will instead network and assist members and other consumer advocates and organisations with their submissions.…
Read More Inquiry into the capability of law enforcement to respond to cybercrime
