Tuesday, 5 February 2019 All quotes are attributable to Financial Rights Legal Centre CEO, Karen Cox. Financial Rights’ overall impression of the Hayne report: “There is a lot for consumers to love in Hayne’s landmark report including closing many of the regulatory gaps & loopholes, addressing conflicted remuneration, and putting culture, consumer protection and misconduct risk at the heart of [ More ]
Financial Rights Legal Centre ran a class action in the Federal Court of Australia seeking compensation for consumers who entered into the standard service agreement contracts with MyBudget Pty Ltd that include the following wording: Client funds are held in an interest bearing account arranged by MyBudget. Interest is not payable to clients on funds held in your MyBudget Account. [ More ]
Time to get Dollarmites out of schools Consumer groups call on Commonwealth Bank to stop using its schools program as a lifelong marketing tool 4 October 2018 Consumer advocates are calling for the Commonwealth Bank to stop using schools to market banking products to children after CHOICE awarded the bank a Shonky award for the dodgy Dollarmites program. CHOICE, Consumer Action, [ More ]
The release of the Interim Report from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry today is a watershed moment for the finance sector according to Consumer Action Law Centre and Financial Rights Legal Centre. Commissioner Hayne has slammed the finance sector for its greed and the ‘pursuit of short term profit at the expense of basic [ More ]
Government mandated insurance disclosure doesn’t help people make purchasing decisions. This was the key finding of a world first experimental study released today titled (In)effective Disclosure: An experimental study of consumers purchasing home contents insurance. The study, conducted by Monash Professors Justin Malbon (Faculty of Law) and Harmen Oppewal (Monash Business School) examined the effectiveness of home contents product disclosure [ More ]
