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.
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.
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.
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.
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.
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.