Today the Government passed the first omnibus bill in the wake of the Banking Royal Commission, which consumer advocates say will help address long-standing problems with unfair insurance contracts, funeral expenses policies and mortgage broking. The Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures) Act 2019 will address recommendations 4.7, 1.2 and 4.2 from the Final Report of [ More ]
Tomorrow marks one year since the Government released Commissioner Kenneth Hayne’s Banking Royal Commission Final Report. The Government has taken big steps towards cleaning up the finance sector, but consumer advocates stress the danger of industry continuing to push back against much needed reforms. Consumer Advocates say that Hayne’s vision needs to be fully implemented without watering down by industry in order to improve the lives of Australians and our communities. The finance industry is showing some promising signs [ More ]
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 ]
