The Australian Banker’s Association (ABA) response to the Independent Review of the Code of Banking Practice (Khoury Review) is a positive start, but consumer advocates say there are some missed opportunities for the banking industry. Advocates say improving responsible lending assessments and making it easier to cancel credit cards will help Australians have a better experience with their banks. Those [ More ]
Consumer advocates issue major warning as ASIC extends regulatory holiday to businesses selling loans and general insurance. CHOICE and Financial Rights Legal Centre are warning that the Australian Securities and Investments Commission (ASIC)’s decision to wind back consumer protections as part of an attempt to foster innovation in the finance sector will leave consumers at risk. With just two weeks [ More ]
Veda Advantage Information Services and Solutions Ltd (Veda) is being forced to refund thousands of consumers who paid to obtain credit reports under Veda’s expedited delivery deal, according to a decision handed down today by the Australian Privacy Commissioner. The Commissioner found that Veda breached a series of privacy rules when they: charged for “expedited delivery” of a credit report [ More ]
Following the slew of financial scandals Australians have faced in recent years, consumer advocates say that Australians need simple and accessible justice with reformed Ombudsman services. The Review of the Financial System External Dispute Resolution and Complaints Framework (Ramsay Review), led by Professor Ian Ramsay, today released its interim report. In response to the review, Consumer Action Law Centre, Financial [ More ]
The life insurance industry’s new code of practice is a modest step but much more work is needed to deliver good consumer protection, say Financial Rights Legal Centre and Consumer Action Law Centre. “The life industry is rightly under intense scrutiny, and an industry code of practice should deliver high standards when selling insurance and deciding people’s claims,” said Gerard [ More ]
