Media Release: Insurers must learn from claims handling failures and lift their game
Financial Rights Legal Centre has called on the general insurance industry to commit to radically improving customer communications. Clear and consistent policies, particularly around ‘wear and tear’ exclusions, also need urgent industry-wide attention. Financial Rights’ call for change is in response to the release of Report 768 Navigating the storm: ASIC’s review of home insurance […]
Broken insurance market failing to protect people in climate crisis: New report
Urgent government action needed to make home and contents insurance accessible and affordable New research from a coalition of advocacy groups has found the home and contents insurance market is failing to protect people against extreme weather events, with customers struggling to access and afford the insurance they need. The report, commissioned by CHOICE, Climate […]
“Buy now, pay later loans need to be subject to strong safe lending tests to protect people from harm”: Consumer groups respond to BNPL reform announcement
Consumer groups and financial counsellors have said that the Government’s plans for regulation of the buy now, pay later (BNPL) sector announced today will need to include strong requirements for lenders to ensure that loans are safe and suitable regardless of the size of the loan in order to protect people from harm. Assistant Treasurer […]
Media Release: New liquidator data reveals more than 100,000 people paid over $174 million to predatory insurer Youpla/ACBF
First Nations advocates renew call for urgent action in May Federal Budget The liquidators of predatory funeral insurer Youpla/ACBF, SV Partners, have released shocking new data that reveals for the first time the full extent of First Nations exploitation perpetrated by the company over three decades. The new figures reveal that over $174 million was […]
Advocates And Industry Agree: Time To Close Lending Loopholes On Buy Now, Pay Later
Key stakeholders call for buy now, pay later should be regulated as meantime credit In submissions released publicly by the Treasury today, major banks, industry associations, regulators and consumer advocates are unified in calling for an end to lending loopholes allowing buy now, pay later providers to avoid safe lending laws. Groups who made submissions […]
Media Release: Regulate Buy Now, Pay Later Like Other Credit Products To Boost Customer Safeguards, Consumer Groups Say
Buy Now, Pay Later (BNPL) late fees and charges would be capped, and providers would be licensed and banned from making unsolicited offers of credit, under recommendations for proper regulation of the sector proposed by a coalition of 15 consumer and legal groups. They are three of a raft of proposals by the group that […]
Media Release: High Court Dismisses Last Ditch Appeal By Rogue Lender
Consumer advocates have welcomed the dismissal by the High Court of a special leave application by Cigno Pty Ltd (Cigno) and BHF Solutions Pty Ltd (BHFS) against the Full Federal Court’s finding in enforcement proceedings brought by corporate regulator the Australian Securities and Investments Commission (ASIC). Cigno and BHFS sold small amount loans using a […]
Media Release: Revision To Banking Code Of Practice Needs Teeth To Really Help Those Doing It Tough
Consumer advocates are calling for Australian banks to maintain and enhance robust consumer protections, following an independent review of the Banking Code of Practice (the Banking Code). The Australian Banking Association (ABA) has published its response to the 2021 Independent Review of the Banking Code of Practice today, authored by Mike Callahan. The banks propose […]
Media Release: Consumer Protections For High-Cost And Harmful Payday Loans And Consumer Leases Finally Pass Parliament
After a late-night Senate sitting, Consumer Advocacy groups across Australia are celebrating the passing through the Federal Parliament of long overdue reforms that will protect consumers from falling into payday loans and consumer lease debt traps. The Financial Sector Reform Bill 2022 has finally passed after 6 years of advocacy by the Stop the Debt […]
Media Release: New Liquidator Data Reveals ‘Targeted Exploitation’ Of First Nations Communities Through Centrepay System
Youpla’s liquidators also revealed the company has had over 150,000 policies active at different times between 1992 and 2019, with around 20,000 still active in 2019. This reveals the scale of the harm caused to First Nations communities and provides insight into how their exploitative model relied on ‘churning’ sign-ups and cancellations to maximise profits […]