Consumer groups support roadmap to greater fairness in life insurance
The Financial Rights Legal Centre (Financial Rights) supports the broad swathe of recommendations made by the Independent Reviewer of the Life Insurance Code of Practice, Peter Kell, in the final report delivered yesterday. Quotes from Drew MacRae, Principal, Policy Development, Financial Rights Legal Centre “The Independent Reviewer has brought his considerable experience and intelligence to […]
Time for insurers to end the poverty premium
Financial Counselling Australia and the Financial Rights Legal Centre are calling on insurers to stop penalising people who cannot afford to pay their insurance premiums annually. It follows the release of a new report which finds some insurers are not telling customers that fortnightly or monthly options cost more overall. The General Insurance Code Governance […]
Changes to the insurance code of practice fall well short say consumer groups
The Financial Rights Legal Centre (Financial Rights), Financial Counselling Australia (FCA) and Consumer Action Law Centre (Consumer Action) have warned that government intervention may be needed if general insurers fail to meet the moment and significantly improve commitments made in a new redrafted code of practice, released today by the Insurance Council of Australia. Quotes from Drew […]
First-ever cross-sector coalition unites to tackle Australia’s home insurance crisis
For the first time, insurers, actuaries, banks, community legal centres, academics and consumer advocates have united behind a single blueprint to improve home insurance affordability The Housing Resilience Action Plan 2030 outlines more than 50 concrete actions, a clear timeline and a direct call on the Federal Government to act within six months Sydney, 30 […]
New report the nail in the coffin for dodgy strata commissions
The NSW Productivity and Equality Commission (PEC) has recommended ending commissions for strata managers in its Strata Commissions review report The market impacts of prohibiting conflicted payments released today. Quotes below are attributable to Alexandra Kelly, Director of Casework, Financial Rights Legal Centre: “Conflicts of interest have plagued the strata and insurance sectors for years, so there […]
Strata hardship reforms now in effect in NSW
Over the past 2 years Financial Rights and our colleagues at Financial Counselling Australia and Marrickville Legal Centre worked with Fair Trading NSW to address shocking practices in the collection of overdue strata levies. Strata debt collection is notoriously quick and aggressive. Unlike credit or essential service providers, there have been no consumer protections that […]
Life insurers continue to exclude and deny consumers who disclose even minor mental health conditions
Some life insurers are inappropriately applying broad exclusions or denying life insurance altogether to consumers who disclose mental health conditions. This was one of the key findings of a report released on life insurers approach to mental health by the Life Insurance Compliance Committee. Quotes from Financial Rights Legal Centre, Amy Knox, Assistant Director of […]
Third insurer sanctioned in 12 months
Consumer advocates have condemned repeated failings by insurance companies after the General Insurance Code Governance Committee (CGC) imposed sanctions on AIG Australia Limited (AIGAL) for serious breaches of the General Insurance Code of Practice. This is the third financial sanction in 12 months imposed by the CGC on an insurer. It highlights a troubling pattern […]
Insurers once again shown to be failing customers, not meeting expectations
Consumer groups including Financial Rights Legal Centre, Financial Counselling Australia and Consumer Action Law Centre, have backed calls from the insurance regulator ASIC to improve insurance claims handling processes now. This follows a release of a review of insurer’s actions since 2023 in addressing areas of improvement identified in its Report 768 Navigating the storm: […]
Consumer groups welcome code enforceability but wary of delays and watering down protections
Consumer groups including the Financial Rights Legal Centre, Financial Counselling Australia and the Consumer Action Law Centre, have welcomed the Insurance Council’s announcement that they will include its code of practice into the contracts they have with customers but seek assurances protections will not be watered down in the process. Quotes from Financial Rights Legal […]