Regulator News Archives - Consumers' Federation of Australia

6 December , 2024

Review Finds Systemic Failures in Insurers’ Internal Dispute Resolution

Financial Counselling Australia (FCA) has welcomed an ASIC report calling on Australia’s insurers to improve their complaints handling processes. “We are disappointed but not surprised.?The findings from ASIC’s review of insurance complaints handling mirrors the experience of many financial counsellors supporting their clients through the claims process,” said Vicki Staff, FCA’s insurance expert. ASIC’s review of…

3 December , 2024

Banking Code Compliance Committee 2025-26 Priorities Consultation

The Banking Code Compliance Committee (BCCC) is developing their priorities for 2025-26 and is inviting interested parties to complete a short survey to share “new or emerging risks, issues or practices that you believe are concerns and causing harm to consumers or leading to poor outcomes”. The survey is open from 2/12/2024 to 7/02/2025 and survey…

14 November , 2024

30% of Complaints Return Unresolved After Telco Referral

ACCAN has welcomed the transparency of data released this week by the Telecommunications Industry Ombudsman which highlights a small year-on-year jump in complaints as well as the telling figure of 30% of consumers not being able to reach a resolution after it is referred to their telco. ACCAN CEO Carol Bennett said, “consumers rely on…

8 November , 2024

Optus Fined Over 2023 Outage Impacting Triple Zero

ACCAN has today welcomed the decisive action by the Australian Communications and Media Authority (ACMA) in holding Optus to account and issuing a $12 million fine for risking the welfare of hundreds of consumers during the widespread outage of November 2023. This latest fine signals the need for the company and its new CEO, Steven…

26 October , 2024

Advocates Welcome Flood Inquiry Report, Urge Government to Act Now

Consumer groups have welcomed the release of the Final Report of the Standing Committee on Economics’ Inquiry into Insurer’s responses to 2022 Major Floods. The groups have called on the insurance sector and the Insurance Council of Australia to accept all the recommendations and implement changes to their internal processes and the Code of Practice…

11 October , 2024

CHOICE Research Unveils Car Data Tracking, “woefully out of date”

Need to know

10 October , 2024

CHOICE Welcomes Federal Government’s Announcement to Strengthen Unit Pricing Rules

Consumer group CHOICE has welcomed the Federal Government’s plans to strengthen unit pricing by reviewing the rules and introducing strong penalties for non-compliance. Quotes attributable to Deputy Director of Campaigns, Andy Kelly: “CHOICE welcomes the Federal Government’s announcement to improve the rules around grocery unit pricing. Currently, supermarkets can’t be penalised for poor unit pricing and…

10 October , 2024

Advocates Warn Scams Prevention Framework Needs Assumption of Reimbursement, Not Halfway Measures

A broad coalition of consumer advocates is calling for the Albanese Government to make one fundamental change to the proposed Scams Prevention Framework (SPF) and put reimbursement at its core, warning that without this improvement the SPF is not going to work for the tens of thousands of Australia’s robbed by scammers. The group’s call…

8 October , 2024

Advocates Warn that Telco Complaint Reduction a Sign of Consumers Giving Up on Process

A report from the Telecommunication Industry Ombudsman (TIO) of a 14.6% reduction in consumer complaints over the past year is unlikely to be an indication of improved satisfaction with communications services. The reduction in complaints is more likely to indicate that telco consumers are increasingly giving up on the complaints process. Over 50% of consumers…

1 October , 2024

Additional Funding for Investigation and Enforcement of Retail and Supermarket Sectors Welcomed

The ACCC welcomed today’s announcement by the Treasurer of $30 million over 3.5 years in additional funding for investigations and enforcement relating to the supermarket and retail sector. ACCC Chair Cass-Gottlieb said the additional resources would allow for a significant enhancement of the ACCC’s enforcement and compliance activities in an essential sector relied upon by…

25 September , 2024

Regulators Release Working Paper on an AI Generative Model

The Digital Platform Regulators Forum (DP-REG) has published a working paper on multimodal foundation models (MFMs) used in generative artificial intelligence (AI). The latest working paper “Examination of technology – Multimodal Foundation Models” examines MFMs – a type of generative AI that can process and output multiple data types, such as image, audio or video…

20 September , 2024

Calls Continue for Consumer Regulators to Release Data

The majority of Australia’s consumer regulators are missing the opportunity to act as an early warning system for dodgy businesses, according to new research from the Consumer Policy Research Centre (CPRC). The Am I The Only One? report, released today, finds that most Australian consumer regulators do not publish regular complaints data in an accessible…