Regulator news and government inquiries Archives - Page 25 of 81

16 February , 2023

ACCC launches inquiry into deposit interest rates

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…

15 February , 2023

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

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…

14 February , 2023

Over $11 million back in the hands of Queensland consumers

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…

10 December , 2022

Superannuation trustees on notice to uplift complaints handling

Superannuation trustees are on notice to improve their internal dispute resolution systems after a targeted review of trustee compliance with the enforceable complaints handling requirements found that some trustees had sub-standard arrangements for managing complaints. Report 751 Disputes and deficiencies: A review of complaints handling by superannuation trustees (REP 751) outlines ASIC’s findings on compliance…

8 November , 2022

ASIC’s top-10 ways to spot a crypto scam

In support of Scams Awareness Week, ASIC is warning consumers of the key signs of a crypto scam and advising what to do if you’ve been scammed. Crypto scams fall into three broad categories, including: scams where you think you’re investing in a genuine asset but it’s a fake crypto exchange, website or app; fake…

29 October , 2022

Affordability and digital inclusion measures welcomed by advocates

In light of rapid increases to the cost of living, the peak body for communications consumers has welcomed new measures announced in this week’s federal budget to improve the affordability of communications services and boost digital inclusion across the nation. This echoes calls made by the Australian Communications Consumer Action Network (ACCAN) to establish a…

29 October , 2022

Federal Government to develop standard insurance definitions and review standard cover regime

An Albanese Government initiative to help reduce the cost of insurance in communities at risk of natural disasters, will enhance mitigation measures and drive better outcomes for insurance holders. The Hazard Insurance Partnership and Strategic Insurance Project aims to address rising insurance premiums and help communities be better prepared for disasters. Federal Minister for Emergency…

25 October , 2022

ACCC pays tribute to Delia Rickard, welcomes Catriona Lowe as Deputy Chair

ACCC Chair Gina Cass-Gottlieb has welcomed the Governor General’s recent appointment of Catriona Lowe as ACCC Deputy Chair and applauded the contribution of departing Deputy Chair Delia Rickard. Ms Lowe has been appointed for a five-year term from 27 January 2023 when Ms Rickard will finish her term after more than a decade with the…

25 October , 2022

Guidance for consumers impacted by the Medibank Private and AHM cyber incident

The Australian Government has released a factsheet to provide information on what to do if your data has been compromised in the recent Medibank and AHM cyber incident. If you think you may be affected by the breach, contact Medibank Private on 13 23 31 or AHM on 13 42 46. If you are concerned…

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

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…