Vulnerable Consumers Archives - Page 19 of 21 - Consumers' Federation of Australia

2 June , 2021

Code Compliance Committee releases Annual Data Verification Report 2019-20

The Customer Owned Banking Code Compliance Committee (the Committee) has released its ACS Verification Report 2019–20: Insights and Learnings. This Report is an addition to the summary data published in the Committee’s Annual Report in December 2020. It contains analysis of the self-reported data collected in the 2019–20 Annual Compliance Statement (ACS) and of the…

12 April , 2021

Retirement Living Code of Conduct – Annual Report

The Code Review Panel for the Retirement Living Code has published its inaugural Annual Report. The report confirms that in Australia today, more than 46% of retirement village residents are living in a Code Compliant community. The Code Review Panel comprises Dr Elizabeth Lanyon (Independent Chair of the Code Review Panel), Peter Nilsson (Operator Representative),…

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…

9 April , 2021

Banks unite to help customers experiencing financial abuse

Australian banks are launching updated guidelines on financial abuse as part of their continued focus on responding to family violence and elder abuse. The updated industry-wide approach is designed to ensure bank staff are equipped to recognise signs of financial abuse. This is an ABA media release, originally published on 4th April, 2021. “This kind of…

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,…