ASIC

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Australians are being urged to directly seek financial hardship assistance from their bank or lender, as new nationwide research released by ASIC’s Moneysmart sheds light on the state of financial hardship in Australia. The research found that 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in…

Read More Research Finds Millions Experience Hardship, Yet Many Don’t Ask for Help

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CFA is represented on the ASIC Consumer Consultative Panel (CCP) and is seeking a new CFA representative to fulfil this role. The CCP assists ASIC to identify current and emerging consumer issues in the sectors we regulate; provides feedback on proposed regulatory changes; and through an evidence base of practical experience, inform the development and…

Read More Consumer Representative Opportunity: ASIC Consumer Consultative Panel

Infographic on the ASIC report. Infographic and text-only version can be found at https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-104mr-asic-report-australians-need-better-hardship-support-from-their-lenders/ Infographic on the ASIC report. Infographic and text-only version can be found at https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-104mr-asic-report-australians-need-better-hardship-support-from-their-lenders/

Some home loan lenders have made accessing financial assistance so difficult that more than one in three (35%) Australians dropped out of the application process at least once, according to a new ASIC report. The report, Hardship, hard to get help: Lenders fall short in financial hardship support (REP 783) outlines findings from ASIC’s review of 10…

Read More ASIC Report Highlights Industry Hardship Failures

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ASIC is warning consumers about an increase in the sophistication of fake bond and term deposit scams where scammers are impersonating little-known legitimate financial services businesses, often those without a website or digital footprint. Scammers are mirroring real businesses’ disclosure documents, addresses, International Securities Identification Numbers (ISINs), Australian business numbers (ABNs) and Australian financial services…

Read More Scam Alert Issued by ASIC as Scammers Change Methods

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The Federal Court has found Vanguard Investments Australia contravened the law by making misleading claims about certain environmental, social and governance (ESG) exclusionary screens applied to investments in a Vanguard index fund. At a hearing before Justice O’Bryan on 8 March 2024, Vanguard admitted to engaging in conduct that was liable to mislead the public…

Read More ASIC Wins Greenwashing Case Against Vanguard

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First Nations and other consumer advocates have welcomed the extension of ASIC’s interim Stop Order on Coral Coast Distributors (Cairns) Ptd Ltd trading as Urban Rampage (Urban Rampage) retail stores, where customers enter agreements to pay for goods on credit through Centrepay deductions. The original stop order was imposed because ASIC received complaints about Urban…

Read More Continued Ban of Business Centrepay Use in Remote Australia Welcomed as Advocates Call for Broader Centrepay Reform

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Need to know Financial counsellors are sounding the alarm about an “irresponsible” car loan provider targeting people on low incomes.  These consumer advocates say Money3 Loans is failing to properly assess whether its customers can pay off the loans, and is charging exorbitant interest rates on top of that. Last year the Australian Securities and…

Read More “Irresponsible” Car Loans on a “broader scale”: Consumers and advocates speak out against Money3 as ASIC sues over alleged breaches

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Original media release by and for the Australian Securities and Investments Commission (14/03/2024). The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have published new information to help banks, insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime (FAR). The FAR, which takes effect for banks…

Read More Industry Information Package Released in Preparation for the Financial Accountability Regime

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The Full Court has upheld ASIC’s appeal in its case against ACBF Funeral Plans Pty Ltd (ACBF) and Youpla Group Pty Ltd (Youpla), finding that funeral expenses insurance provider ACBF misrepresented to Aboriginal consumers that it was Aboriginal owned or managed when that was not the case.
[T]he Court found that, on the evidence, it is ‘abundantly clear … that the Aboriginal Ownership/Management Representation is false.’

Read More Full Court Finding Supports First Nations’ and ASIC Allegations of ACBF/Youpla Misrepresentation

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ASIC’s review found that often there was insufficient emphasis on and a lack of transparency about Choice investment options that failed to meet performance expectations. There was little evidence of trustees communicating to members about investment option performance in a targeted manner, and financial advisers were not always addressing underperformance where relevant.

‘Members should be informed about their super investments – not left in the dark if their super investments are not performing as expected, and there may be better alternatives,’ Ms Constant said.

Read More ASIC Calls on Industry to Address Issues and Improve Oversight on Choice Super Performance