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 ]
The Financial Rights Legal Centre has called on the life insurance sector to clean up its act following the release of a damning report by ASIC into Total and Permanent Disability (TPD) claims in both direct life insurance and life insurance in superannuation. The report, Holes in the safety net: A Review of TPD insurance claims, found that TPD insurance [ More ]
Thursday, 12 September 2019 The Financial Rights Legal Centre (Financial Rights) has welcomed the Australian Securities and Investment Commission’s (ASIC’s) announcement that they will use their Product Intervention Power to address the short-term credit industry. The new product intervention power allows ASIC to intervene where financial and credit products have resulted in or are likely to result in, significant consumer [ More ]
The Financial Rights Legal Centre (Financial Rights) has welcomed the Australian Securities and Investment Commission’s (ASIC’s) consumer research into the mortgage broking sector that provides further evidence that the mortgage broking sector needs reform. The research – Looking for a mortgage: Consumer experiences and expectations in getting a home loan – found that consumers expected brokers to find them the [ More ]
Tuesday, August 13. One of Australia’s largest debt collectors – Lion Finance (a subsidiary of ASX-listed Collection House Ltd) – turns to bankruptcy procedures to collect consumer debts far more often than its rivals, according to a new report. Who is making Australians bankrupt? released today by Consumer Action Law Centre (Consumer Action), Financial Counselling Australia (FCA) and Financial Rights [ More ]
