As significant numbers of insurance claims loom in the wake of Australia’s bushfire crisis, consumer groups today called on the Federal Government to urgently regulate insurance claims management services. Insurance claims management services are for-profit businesses that sign up policyholders and, for a fee, undertake the administrative work on an insurance claim. Claims management services typically work for a percentage [ More ]
Consumer Action Law Centre (Consumer Action) and Financial Rights Legal Centre (Financial Rights) say ASIC’s overhaul of its responsible lending guidance is a welcome announcement in the wake of the devastating consumer harm exposed during the Banking Royal Commission. Too many lenders, including banks, finance companies, payday lenders, and consumer lease providers have not effectively complied with legal obligations to ensure they do not provide borrowers with unsuitable loans. ASIC’s updated responsible lending guidance make existing laws clearer, easier [ More ]
The Financial Rights Legal Centre (Financial Rights) has welcomed the Australian Securities and Investment Commission’s (ASIC’s) announcement that they will ban unsolicited phone sales of direct life insurance and Consumer Credit Insurance (CCI) sales practices from 13 January 2020. Unsolicited direct life insurance is sold to consumers by life insurers or their sales partners, by outbound telemarketing. “This is the [ More ]
Consumer groups today welcomed the Australian Banking Association’s (ABA) update to the Banking Code of Practice ensuring improved access to fee-free banking for struggling Australians. The updated Banking Code received authorisation yesterday from the Australian Competition and Consumer Commission (ACCC) and the ABA are now seeking final approval from the Australian Securities and Investment Commission (ASIC). The Banking Royal Commission [ More ]
The general insurance industry’s new code of practice is a long awaited and necessary advancement, according to the Financial Rights Legal Centre (Financial Rights) and Consumer Action Law Centre (Consumer Action). The new General Insurance Code of Practice—announced today by the Insurance Council of Australia (ICA)—is a set of rules for insurance companies. The new iteration of the code makes [ More ]
