Regulator news and government inquiries Archives - Page 31 of 81

24 June , 2021

AER’s 2021-2022 compliance and enforcement priorities: Consumer protection

The Australian Energy Regulator (AER) today released five compliance and enforcement priorities for 2021-22, which include a major focus on protecting energy consumers. This is an Australian Energy Regulator (AER) media release, originally published on 23rd June, 2021. AER Chair Clare Savage said the AER will be monitoring retailers to ensure they identify residential consumers in…

7 June , 2021

Scammers capitalise on pandemic as Australians lose record $851 million to scams

Australians lost over $851 million to scams in 2020, a record amount, as scammers took advantage of the pandemic to con unsuspecting people, according to the ACCC’s latest Targeting Scams report released today. The report compiles data from Scamwatch, ReportCyber, other government agencies and 10 banks and financial intermediaries, and is based on more than 444,000 reports.…

7 June , 2021

Adopting Trusted Overseas Product Safety Standards

The Morrison Government is supporting businesses to innovate, grow and minimise compliance costs while maintaining stringent safety standards for consumer products and related services. The Government in consultation with Consumer Ministers will look to develop amendments to the Australian Consumer Law (ACL) and associated legislation which would allow the adoption of trusted overseas product safety…

30 April , 2021

Electricity Customers on a standing offer will share in over $65 million of bill savings

Thousands of customers on a standing offer contract across New South Wales, South-East Queensland and South Australia will share in over $65 million of bill savings in 2021-22 following the Australian Energy Regulator (AER) today releasing the final Default Market Offer (DMO). This is an Australian Energy Regulator media release, originally published on 27th April, 2021. The final…

28 April , 2021

Morrison Government powering up household battery recycling

The Morrison Government is helping maximise opportunities for Australia’s manufacturers while also driving down emissions and protecting the environment, with funding. This is a joint media release from Minister for the Environment, the Hon Sussan Ley MP and Federal Member for Chisholm, the Hon Gladys Liu MP, originally published on 23rd April, 2021. Batteries are…

7 April , 2021

ASIC bans the sale of binary options to retail clients

ASIC has made a product intervention order banning the issue and distribution of binary options to retail clients. The ban will take effect from Monday 3 May 2021 after ASIC found that binary options have resulted in and are likely to result in significant detriment to retail clients. This is an ASIC media release, originally published…

17 March , 2021

31,000 credit complaints since Banking Royal Commission

Data reveals postcodes flooded with complaints about loans as Government plans to remove lending protections An analysis by consumer group CHOICE has revealed over 31,000 complaints have been made about credit products since the end of the Banking Royal Commission’s hearings. The analysis comes as crossbench Senators in Federal Parliament decide on a government proposal…

24 February , 2021

ACCC 2021 Compliance and Enforcement Priorities Announced

In his annual address to Committee for Economic Development Australia (CEDA), ACCC Chair Rod Sims announced the ACCC’s compliance and enforcement priorities for 2021. This annual review of ACCC priorities for the next 12 months has become a vital component of the ACCC’s strategic approach to compliance and enforcement work and its delivery, as well…

12 February , 2021

Romance baiting scams on the rise

Australians reported a record-breaking $37 million lost to Scamwatch last year for dating and romance scams. Total losses are expected to be much higher and scammers are now using dating apps to lure victims into investment scams. This is an ACCC Media Release. This new technique, called romance baiting, involves scammers meeting people on dating…

16 December , 2020

“Nothing more than marketing schemes”: CHOICE on ASIC’s review of school marketing programs

Corporate regulator slams banks’ school marketing schemes as CHOICE calls on State and Territory Education Ministers to ditch Dollarmites. This is a CHOICE Media Release “CHOICE welcomes ASIC’s comprehensive review into school banking programs. This is the first time ever in over a century that these school-based marketing schemes have been reviewed,” says CHOICE CEO…

14 December , 2020

“Failed to protect consumers”: CHOICE on ASIC’s timeshare regulations

Consumer advocate CHOICE has released a statement in response to ASIC’s updated regulatory guide on time-sharing schemes, stating that ASIC has failed to clean up the harmful timeshare industry. The following is a CHOICE media release. “ASIC’s new rules for timeshare schemes have failed to protect consumers. ASIC has taken years to assess the regulations…

8 December , 2020

Issues paper released for the Productivity Commission Inquiry into Right to Repair

The Productivity Commission has released an issues paper to assist individuals and organisations to prepare submissions to the Inquiry into Right to Repair. Right to Repair is a consumer’s ability to repair faulty goods, or access repair services, at a competitive price. This can include repair by a manufacturer, a third-party, or self-repair. The inquiry…