Consumer Action Law Centre has welcomed news that Allianz Australia Insurance will refund $400,016 to Australians who were sold its Consumer Credit Insurance alongside payday loans.
Media release: Consumer advocates welcome Allianz’s $400,016 refund but warn mis-selling of insurance is an ongoing problem
The legality and fairness of ‘deferred management fees’ will be challenged in the Victorian Civil and Administrative Tribunal in a case that should be watched closely by the retirement living industry.
Media release: Life insurance report lacks imagination in failing to look beyond commission based sales
Consumer advocates disappointed that the life insurance industry’s response to damning ASIC figures about industry compliance hasn’t considered moving forward without commission-based sales.
An application was lodged with VCAT after Ms Sheree Becker, and her company Again Investments Pty Ltd signed a single mother of two children to a $309,000 ‘rent to buy’ contract.
The Financial System Inquiry recognises that consumer welfare should be the core goal of the financial system and makes recommendations that promote fairness, strengthen consumer protections and recognise the value of proactive regulators.
Ahead of the Victorian Election at the end of November 2014, Consumer Action has been speaking to all major parties and seeking a commitment to a broad based review of the retirement housing sector.
Consumer Action Law Centre and the Consumer Utilities Advocacy Centre welcomed the Coalition’s announcement that it will ban energy retailers using the term “fixed” when referring to contracts with variable pricing.
Energy retailers will continue increasing prices at their leisure after the AEMC rejected a proposal that would have banned them from increasing a customer’s tariff during a fixed term or benefit contract.
The Energy and Water Ombudsman Victoria Annual Report for 2013/14 suggests energy retailers are failing to offer sufficient assistance to customers struggling with high bills.
Consumer Action has welcomed the State Government’s focus on making Victoria’s energy market easier to navigate, and keeping vulnerable members of our community from being disconnected.