Report Archives - Page 12 of 20 - Consumers' Federation of Australia

26 August , 2021

Insurance Brokers Code Compliance Committee releases Annual Report for 2020–21

The independent committee that monitors the Insurance Brokers Code of Practice (the Code) has released its Annual Report for 2020–21, a year marked by the continued impact and disruptions of COVID-19, the torrent of legislation following the Financial Services Royal Commission and the unprecedented risk challenges facing the insurance industry. This is an Insurance Brokers Code…

28 July , 2021

Australian consumers back proposed solar export rule changes

Consumers have strongly backed proposed rule changes being considered by the Australian Energy Market Commission (AEMC) that are designed to enable growth in electricity exports from rooftop solar panels, enabling more Australians to share in the economic and environmental benefits. This is an Energy Consumers Australia media release, originally published on 27th July, 2021. The changes would allow…

9 July , 2021

7 ways to fix the travel “cancellation chaos”

Consumer group CHOICE has asked Australian governments to fix Australia’s travel “cancellation chaos” with 7 urgent reforms, starting by making it easier for travellers to obtain refunds when plans are cancelled. This is a CHOICE media release, originally published on 8th July, 2021. CHOICE surveyed over 4,400 Australians who had travel plans disrupted by COVID-19…

3 May , 2021

LCCC Annual Industry Data and Compliance Report 2019-20

A challenging year for life insurers and their customers highlights the importance of the Code The Life Code Compliance Committee (the Committee) – the independent Committee which monitors and enforces industry compliance with the Life Insurance Code of Practice (the Code) – today released its 2019–20 Annual Industry Data and Compliance Report. This is a Life…

21 April , 2021

Competition exemptions in the time of COVID-19

In a six week period from mid-March 2020, the ACCC received 33 applications for authorisation of competitor collaborations to deal with disruption and risks arising from the COVID-19 pandemic. In response to this unprecedented number of urgent applications, the ACCC deployed substantial resources and used streamlined processes to grant interim and final authorisations in extremely…

21 April , 2021

Limited impact of COVID-19 on bank compliance

In a report released today, the Banking Code Compliance Committee (BCCC) has stated the impact of COVID-19 on banks’ compliance with the Banking Code of Practice (the Code) appears to be less significant than expected. However, breaches overall increased significantly during the 2019–20 financial year. This is a BCCC media release, originally published on 20th April, 2021.…

9 April , 2021

Consumers from Culturally and Linguistically Diverse backgrounds experienced greater hardship during COVID-19 lockdown due to financial stress and poor industry practices

The impact of the COVID-19 pandemic has been devastating across Australia. Whilst job losses and financial instability did not discriminate, consumers from culturally and linguistically diverse (CALD) communities have been disproportionately impacted. CPRC undertook this research to measure the economic fallout of COVID-19 with consumers who speak a language other than English at home, compared…

22 March , 2021

Assessment of general insurer’s compliance with new code provision on family violence

The general insurance industry committed itself to new requirements relating to family violence policies from 1 July 2020. From that date all subscribers who provide retail insurance products are required to: “… have a publicly available policy about how we [the subscriber] will support you [the consumer] if you are affected by family violence. This…

22 March , 2021

Life insurance code inquiry into review of medical definitions

The Life Code Compliance Committee (the Life CCC) – the independent body that administers and enforces the Life Insurance Code of Practice (the Code) – released its report on the Own Motion Inquiry (OMI) into how subscribers are meeting Code requirements on the review of medical definitions. Section 3.2 relates to the obligation that medical…

22 March , 2021

General Insurance in Australia Report 2019-20

The General Insurance Code Governance Committee (the Committee) has today released its annual report for the 2019-20 financial year. The report includes analysis of trends and service standards in the general insurance industry in a year that included significant summer bushfires, flooding and the start of the COVID-19 pandemic. This is a General Insurance Code…

19 January , 2021

Most brokers handling insurance add-ons well, but there is room for improvement: Report

A report on the sale of add-on general insurance products by the independent committee monitoring the Insurance Brokers Code of Practice (the Code) outlines the extent to which and how Code subscribing insurance brokers provide add-on insurance products to their clients. This is an Insurance Brokers Code Compliance Committee media release The Insurance Brokers Code…

21 December , 2020

Financial Rights report reveals risks and opportunities in Open Insurance

Financial Rights Legal Centre has released a landmark report on the concept of Open Insurance – the application of the Consumer Data Right to the general insurance industry. This is a Financial Rights Legal Centre Media Release Financial Rights’ Chief Executive Officer Karen Cox said the Open Insurance report by Dr Richard Tooth of Sapere…