ASIC report into bank fees prompts banks to refund $93 million in dodgy fees to low-income Australians – but CBA withholds another $270 million
That banks are returning a whopping $93 million in unnecessary bank fees to low-income Australians is huge news. But the decision by CBA to keep an additional $270 million they pocketed, while other banks return their dodgy fees is simply staggering. ASIC’s Better banking for Indigenous consumers report, published in 2024, showed the impact of […]
First Nations peoples locked out of super system – new report reveals urgent need for reform
A major new report released today reveals that Australia’s $4 trillion superannuation system is failing First Nations peoples – denying many access to their own money in retirement, during financial hardship or after the death of a loved one. This means that First Nations Australians are more likely to miss out on the benefits of […]
Rogue lender Cigno and its Directors lose appeal to the Full Federal Court
Cigno Australia Pty Ltd and its directors’ appeal to the Full Federal Court has been dismissed today and costs awarded to the Australian Securities and Investment Commission (ASIC). Consumer Action Law Centre CEO Stephanie Tonkin said the decision was significant because the original trial judge had found not only Cigno Australia, but also its Australian directors, Mark Swanepoel […]
Save Sorry Business media release: advocates welcome penalty for misleading about being Aboriginal owned
First Nations advocates welcome $3.5million penalty of ABCF/Youpla for misleading community about being Aboriginal owned First Nations advocates from the Save Sorry Business Coalition have welcomed the $3.5 million penalty imposed on ABCF Funeral Plans Pty ltd (ACBF) in the Federal Court today. Consumer advocates fought ACBF for decades on their systemic misrepresentation to First […]
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 […]
Stop the harms! Regulate wage advance products now say consumer advocates
Consumer advocates from across Australia are calling on the Albanese Government to urgently regulate the proliferation of ‘wage advance’ products that are making the cost-of-living crisis worse for thousands of people and sending them into dangerous debt spirals. The call comes as Buy Now Pay Later (BNPL) products are finally being regulated from 10 June […]
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 […]
First Nations advocates call for super funds to end the harm and commit to mandatory customer service standards
Advocates say the only thing super funds do well is take our money. The Australian Securities and Investments Commission (ASIC) report into superannuation claims handling released this week revealed widespread delays and distress, particularly for First Nations families. Leading First Nations advocates are calling on parliamentarians to commit to legislated mandatory customer service standards in […]
Insurance sector action plan welcomed – but consumer groups warn industry that ‘trust us’ doesn’t cut it
Consumer groups including the Financial Rights Legal Centre, Consumer Action Law Centre and Financial Counselling Australia have welcomed the Insurance Council of Australia’s (ICAs) Industry Action Plan responding to the General Insurance Code of Practice Independent Review and the 2022 Flood Inquiry Recommendations. However, for this announcement to mean anything and help rebuild consumer confidence […]
