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Year Long Holiday For Financial Firms Leaves Consumers at Risk

Consumer advocates issue major warning as ASIC extends regulatory holiday to businesses selling loans and general insurance. CHOICE and Financial Rights Legal Centre are warning that the Australian Securities and Investments Commission (ASIC)’s decision to wind back consumer protections as part of an attempt to foster innovation in the finance sector will leave consumers at risk. With just two weeks [ More ]


Veda to refund consumers after breaching privacy rules

Veda Advantage Information Services and Solutions Ltd (Veda) is being forced to refund thousands of consumers who paid to obtain credit reports under Veda’s expedited delivery deal, according to a decision handed down today by the Australian Privacy Commissioner. The Commissioner found that Veda breached a series of privacy rules when they: charged for “expedited delivery” of a credit report [ More ]


Victims of financial scandals need simple justice – response to Ramsay EDR Review

Following the slew of financial scandals Australians have faced in recent years, consumer advocates say that Australians need simple and accessible justice with reformed Ombudsman services. The Review of the Financial System External Dispute Resolution and Complaints Framework (Ramsay Review), led by Professor Ian Ramsay, today released its interim report. In response to the review, Consumer Action Law Centre, Financial [ More ]


LIfe Insurance Code a modest first step, needs more work: Consumer Groups

The life insurance industry’s new code of practice is a modest step but much more work is needed to deliver good consumer protection, say Financial Rights Legal Centre and Consumer Action Law Centre. “The life industry is rightly under intense scrutiny, and an industry code of practice should deliver high standards when selling insurance and deciding people’s claims,” said Gerard [ More ]


Tried speed dating? How about debt dating?

“If you’re in debt, who is best to help you?” This is the central question posed in a new “debt dating” video launched today at www.yourfinancialrights.org The video follows the pitfalls many Australians face when looking for help with their financial problems. The video and accompanying website are part of a new financial literacy campaign aimed at steering consumers away [ More ]


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