Regulator news and government inquiries Archives - Page 26 of 81

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

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

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

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…

25 August , 2022

Almost two in three Australians concerned about cost of home insurance

For the second quarter in a row, record numbers of people are very concerned about the cost of home insurance, according to new data from CHOICE. The nationally representative survey, conducted in June 2022, found that 64% of Australians were very concerned or quite concerned about the cost of home insurance. This is a media release from CHOICE.…

12 August , 2022

ASIC’s surveillance of internal dispute resolution in superannuation identifies concerns

Superannuation trustees are being urged to review their internal dispute resolution (IDR) arrangements after the first stage of an ASIC surveillance found indicators of significant compliance issues. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 10th August, 2022. ASIC’s surveillance examines trustees’ compliance with the new enforceable requirements…

12 August , 2022

ASIC releases research about investment behaviour

ASIC has released Report 735 Retail investor research (REP 735) capturing retail investor motivations, attitudes and behaviours in the period following the onset of the COVID-19 pandemic. This is a media release from the Australian Securities & Investments Commission (ASIC). It was originally published on 11th August, 2022. The research surveyed 1,053 Australian retail investors aged 18 and over who…

8 August , 2022

Pram and stroller safety essentials

The recommended pram and stroller safety essentials are the AS/NZS 2088 label on the item, a sturdy frame, a five-point harness and a tether strap, according to the Australian Parenting website. Standards Australia recently published the revised AS 2088:2022 Prams and strollers – Safety requirements which provides manufacturers, authorities, and others with minimum safety requirements for prams and…

8 August , 2022

Consumer Check-in: Expectations in 2022

ACCAN recently commissioned research asking the Australian public about their top concerns when it comes to their communications services. This is a media release from the Australian Communications Consumer Action Network (ACCAN). It was originally published on 27th July, 2022. We surveyed nearly 1000 (n=998) Australians on a range of topics. We asked people about the affordability and…

8 August , 2022

How ‘bad credit’ lender Cigno has dodged ASIC’s grasp

Cigno is exactly the sort of business the Australian Securities and Investments Commission had in mind when it asked for stronger powers to ban the sale of harmful financial products. This is a news item from The Conversation. It was originally published on 5th August, 2022. If you are experiencing financial hardship contact the National Debt Helpline on 1800…

20 July , 2022

Battery storage for households – Public comment invited on draft standard

With rising energy prices, home battery storage offers savings to consumers and an alternate to fossil fuels, read more here. Standards Australia has released a draft standard for public comment which will ensure consumers are provided with the information to meaningfully compare different battery manufacturers claims (and technologies). It defines standard testing protocols revealing the performance…