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money

Too many Australians have suffered at the hands of financial advisers

Consumer Action Law Centre welcomes reports that independent Senator Nick Xenophon MP and Labor Senator Sam Dastyari have called for a last resort compensation scheme for financial services consumers.

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Media Release: WANTED – Households who have been disconnected from electricity

Have you been disconnected from your electricity supply because you couldn’t afford to pay your bills? If so, we want to hear from you.

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Media Release: Credit Wash “cleans up” vulnerable consumer

A former customer of Malouf Group Enterprises has issued proceedings in VCAT seeking damages after allegedly being told by the company that they could “clean” his credit file.

Media Release: Consumer voices must be at heart of competition policy reform: Consumer Action

Consumer Action Law Centre welcomes the release of the Harper Review into Competition Policy and particular the finding that purpose of competition is to make the market economy better serve the long-term interests of Australian consumers.

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Media Release: Trowbridge final report a step in the right direction, but fixation with commissions remains

Consumer Action Law Centre, Financial Rights Legal Centre, CHOICE and Maurice Blackburn Lawyers have welcomed John Trowbridge’s final report into retail life insurance but believe that the industry has still failed to demonstrated that removing commission-based selling from the industry is not feasible.

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Media Release: Payday lending report questions compliance with the law

Consumer Action Law Centre welcomed a new report from the Australian Securities and Investments Commission (ASIC) which questions whether payday lenders are complying with the law. The report found that some lenders’ files do not sufficiently demonstrate that a payday loan has been lent responsibly when an applicant is in default on another loan, has an existing loan, or has had a loan within the last 90 days.

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Media release: Proposed ban on enrolment inducements a welcome step

Consumer Action has welcomed an announcement from Assistant Minister for Education and Training Simon Birmingham this morning about reforms designed to crack down on dubious marketing practices by training providers and brokers, but says more needs to be done to clean up the industry.

money

Media release: Consumer advocates welcome Allianz’s $400,016 refund but warn mis-selling of insurance is an ongoing problem

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.

scales of justice

Pensioners head to VCAT to challenge ‘deferred management fees’

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.

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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.