Vulnerable Consumers Archives - Page 19 of 20 - Consumers' Federation of Australia

31 March , 2021

Banks call for consistent laws to prevent elder abuse

Australian banks are urging state and territory governments to adopt consistent laws on powers of attorney to prevent elder financial abuse. This is a media release from the Australian Banking Association. It was originally published on 31st March, 2021. State and federal Attorneys-General are meeting today to consider a scope for a national register of power of…

3 March , 2021

New rule helps life support customers switch and save on energy plans

Customers needing life support equipment – such as kidney dialysis machines – will find it easier and cheaper to shop around for better energy deals under a new rule announced by the Australian Energy Market Commission. This is an AEMC media release, originally published on the 25th February, 2021. The change to the National Energy…

1 February , 2021

CFA Responds to Consultation Paper on Aspirations for the Food Regulatory System

A Consultation Paper on Aspirations for the Food Regulatory System was released in November 2020 by consultants on behalf of the Food Regulation Standing Committee. The Paper is available here . It is one of the interconnected projects that are part of the food regulation reform program initiated by the Australia New Zealand Ministerial Forum…

18 December , 2020

Missing the Mark: EWOV insights on the impact of the Payment Difficulty Framework

When it commenced on 1 January 2019 the Payment Difficulty Framework (PDF) represented a major shift in the Victorian retail energy sector’s response to payment difficulty. This is an EWOV article. Under the PDF, energy retailers have been required to take a much more proactive and tailored approach when assisting financially struggling customers. Almost two…

16 December , 2020

Up to 1.9 million Australians paid debt vultures in the last 12 months: Consumer Action Law Centre

According to a new report released yesterday by Consumer Action Law Centre, approximately 1.4 to 1.9 million Australians have paid for debt management or credit repair services in the last 12 months. These companies are known as ‘debt vultures’ as they often target people in financial hardship with poor quality debt advice and services. This a Consumer…

17 May , 2020

Consumer groups say a self-regulatory code for Buy Now Pay Later lenders is no substitute for consumer protection in law

Thirteen consumer groups have joined together to provide a submission on the draft Buy Now Pay Later Code of Practice (BNPL code), developed by the Australian Finance Industry Association (AFIA). While noting that industry codes can provide beneficial commitments, the consumer advocates consider inconsistent regulation among buy now pay later products and other consumer credit…

8 May , 2020

Consumers urged to look out for employment opportunity scams in the wake of COVID-19

The Queensland Office of Fair Trading warns of employment opportunity scams in the following media release. COVID-19 has unleashed literally hundreds of scams across Australia and the next ones the Queensland Office of Fair Trading wants consumers to watch out for are employment opportunity scams. Fair Trading Executive Director Brian Bauer said scammers hiding behind…

4 May , 2020

Consumers’ Federation of Australia responds to proposed button battery regulation options

CFA has made a submission to the Australian Competition and Consumer Commission (ACCC) Button Battery Taskforce. The ACCC launched the taskforce to investigate the safety of button batteries and the products that contain them. Button batteries pose a severe injury risk for young children and other vulnerable groups, like the elderly and those with dementia,…

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…