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 ]
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 ]
The organisation Financial Rights Legal Centre Inc (Financial Rights) is a community based legal centre in Surry Hills specialising in helping consumers of financial services, particularly credit, banking, insurance and debt. The role We are seeking to employ a full time, enthusiastic Communications Officer to support the policy and advocacy work of Financial Rights for a 12 month contract. The [ More ]
It has been 1000 days since the Government accepted the recommendations of its own review into high-cost fast loans and harmful consumer leases. Now is the time for the Government to pass the findings of this review into law. Government needs to commit to the findings of the Financial Services Royal Commission and ensure all financial service providers play by [ More ]
