Vulnerable Consumers Archives - Page 18 of 19 - Consumers' Federation of Australia

22 April , 2020

“Banks need to go further on their coronavirus response”: CHOICE

Consumer advocate CHOICE is urging Australian banks to go further in their response to COVID-19, flagging that many Australians are still being harmed by high cost credit cards, personal loans and long term debt. “We welcome that many banks have announced initial support packages for customers but we know they can go further. We have…

20 April , 2020

NBN Co creates $150 million COVID-19 relief and assistance package

NBN Co announced on Friday it will establish a $150 million financial relief and assistance fund to help internet providers to support their residential and small and medium business customers affected by the COVID-19 pandemic. The relief fund, created following a short industry consultation led by NBN Co, is aimed at helping internet providers connect…

20 April , 2020

An Information Sheet relating to early access to super

The Conexus Institute, Actuaries Institute and Super Consumers Australia have collaborated to produce an Information Sheet addressing early access to super. As you are aware the Government is allowing eligible individuals affected by COVID-19 to access up to $10,000 of their superannuation in 2019–20 and a further $10,000 in 2020–21. A challenge for super funds…

6 February , 2020

Consumer advocates welcome Act implementing three key Banking Royal Commission recommendations

Today the Government passed the first omnibus bill in the wake of the Banking Royal Commission, which consumer advocates say will help address long-standing problems with unfair insurance contracts, funeral expenses policies and mortgage broking. The Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures) Act 2019 will address recommendations 4.7, 1.2 and 4.2…

29 January , 2020

Who is protecting your information on the internet?

The recent ABC article titled How safe are GPS trackers for children – and what should I know before buying one? raises concerns about the ethics of technological surveillance and asks, ‘are we being sucked in by their convenience?’ When we digitise information or upload it to the internet, we run the risk of having that information…

10 December , 2019

ASIC’s overhaul of responsible lending guidance should focus lenders on the welfare of borrowers

Consumer Action Law Centre (Consumer Action) and Financial Rights Legal Centre (Financial Rights) say ASIC’s overhaul of its responsible lending guidance is a welcome announcement in the wake of the devastating consumer harm exposed during the Banking Royal Commission. Too many lenders, including banks, finance companies, payday lenders, and consumer lease providers have not effectively complied with legal obligations to ensure they do not provide borrowers with unsuitable loans. ASIC’s updated responsible lending guidance make existing laws clearer, easier to enforce and will help to hold…

10 December , 2019

Financial Counselling Australia welcomes ban on unsolicited telephone selling

Financial Counselling Australia welcomes the implementation of a ban on unsolicited telephone sales of life insurance and consumer credit insurance sold without personal advice. ASIC announced that the ban will come into effect on January 13, 2020. In the experience of financial counsellors, who work with people in financial hardship, unsolicited telephone selling targets vulnerable consumers. The…

4 December , 2019

ACCC Deputy Chair Delia Rickard provides address to CFA’s annual general meeting

In her address, Delia Rickard noted that issues raised by consumer organisations with the ACCC commonly form part of its priorities for compliance and enforcement. Delia noted that consumer groups have recently raised issues such as funeral services, debt collection, product safety and sustainability which will be considered for future priorities. Other trends and issues identified by…

25 November , 2019

SACOSS’ Working to Make Ends Meet Report highlights energy affordability struggles for “waged poor” households

South Australian Council of Social Service (SACOSS) today launched its report, Working to Make Ends Meet: Low-income Workers and Energy Bill Stress. The report investigates households whose main source of income is wages but who are still living below the “poverty line”. This report, based on national statistical data and South Australian case studies, is…

22 November , 2019

Limiting conditional discounts on energy offers: have your say

The Australian Energy Market Commission (AEMC) has acted on a request from the Hon Angus Taylor MP, Federal Minister for Energy and Emissions Reduction, to limit conditional discounts on energy deals. The draft rule comes with a recommended penalty of up to $100,000 for retailers who fail to comply. Under our proposal consumers would no longer pay unreasonable…

7 May , 2019

Telcos warned for not helping vulnerable consumers

Eleven telcos have been hit with formal warnings by the Australian Communications and Media Authority (ACMA) for failing to tell potential new customers that they do not provide Priority Assistance (PA) services, or failing to name a telco that does. The eleven telcos are Activ8me, Aussie Broadband, Dodo, Exetel, Foxtel, MyRepublic, Skymesh, Southern Phone, Spintel, TPG, and V4 Telecom.…

1 February , 2019

New consumer protection rules start

From today electricity consumers will have more choice, control and protection with the start of four new rules made by the AEMC. These rules: require retailers to provide at least five business days’ notice to customers before their energy prices change allow small customers to fix inaccurate estimated bills by providing their own reading of…