ASIC bans cold-calling telephone sales of life, funeral and consumer credit insurances

As the Australian Securities and Investments Commission (ASIC) bans life insurance and consumer credit insurance (CCI) providers from flogging products via outbound telephone sales, Consumer Action La...

December 4, 2019

CommInsure sentencing shows we need a blanket ban on unsolicited selling

In the wake of CommInsure’s breaches of anti-hawking laws, Consumer Action Law Centre (Consumer Action) says it’s time to take urgent and decisive action by implementing an economy-wide ban on unsolic...

November 28, 2019

Closing the ‘unfair contract terms’ loophole for insurance – Exposure draft legislation
Treasury - Consultation on Extending Unfair Contract Terms to Insurance Contracts

There is a big fairness problem in insurance. People often make insurance claims when they are at a low ebb, but they can face shocking outcomes when insurers rely on unfair terms in insurance contrac...

August 30, 2019

ASIC’s proposed ban on outbound phone sales of life, funeral and consumer credit insurance
Australian Securities and Investments Commission - Consultation Paper 317, Unsolicited telephone sales of direct life and consumer credit insurance

Unsolicited selling is an outdated and abusive practice with a significant risk of mis-selling people products they don’t want, need or understand. Financial Rights Legal Centre and Consumer Action...

August 29, 2019

Response to ASIC’s update to internal dispute resolution requirements for financial firms (RG165)
Australian Securities and Investments Commission - Consultation Paper 311, Internal Dispute Resolution: Update to Regulatory Guide 165 (May 2019)

It is critical that the process to make and resolve complaints with a bank, insurer, or super fund is timely, fair, and accessible, including for people experiencing vulnerability and disadvantage.  O...

August 26, 2019

Regulator to implement blanket ban on insurance cold calling

An Australian Securities and Investments Commission (ASIC) consultation paper, released today, proposes a ban on unsolicited telephone sales of direct life insurance and consumer credit insurance (CCI...

July 18, 2019

Insurance in super: Putting Members’ Interests First Bill 2019
Senate Economics Legislation Committee - Inquiry into provisions of the Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019

Consumer Action Law Centre and Financial Rights Legal Centre made a joint submission to the Senate Economics Legislation Committee’s inquiry into provisions of the Treasury Laws Amendment (Putting Mem...

July 15, 2019

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Submission on Round 6 Hearings (Case Studies)

Consumer Action Law Centre has published its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry following the Round 6 hearings on insuran...

October 1, 2018

Life insurance cold calling must be banned: consumer advocates

Consumer advocates are calling for a ban on life insurance cold calling, after ASIC today revealed major rip offs and startlingly high claims rejections. ASIC reported today that insurers are cold-...

August 30, 2018

Submission: Easy and Transparent Trading Consultation Paper
Department of Finance, Services and Innovation - Easy and Transparent Trading Consultation Paper on increasing transparency and consumer choice

The Consumer Action Law Centre (Consumer Action) welcomes the opportunity to comment on the Easy and Transparent Trading Consultation Paper (the Consultation Paper). We have limited our comments to Se...

August 28, 2018

Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018
Senate Economics Legislation Committee - Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018

Consumer Action Law Centre made a joint submission with Financial Rights Legal Centre to the Senate Economics Legislation Committee's inquiry into the provisions of the Treasury Laws Amendment (Protec...

July 11, 2018

Submission: Protecting Your Super package: Exposure Draft
The Treasury: Retirement Income Policy Division - Submission on Protecting Your Super package (Exposure Draft)

This submission focuses on insurance in superannuation and the interests of people who are on low incomes or have low superannuation balances. It supports the majority of CHOICE’s recommendations in i...

June 4, 2018

Submission: Options for greater involvement by private sector life insurers in worker rehabilitation
Parliamentary Joint Committee on Corporations and Financial Services - Submission on options for greater involvement by private sector life insurers in worker rehabilitation

This joint submission of CHOICE, Financial Rights Legal Centre and Consumer Action Law Centre responds to the insurance industry proposal for greater involvement by life insurers in worker rehabilitat...

May 23, 2018

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Consumer Action submission part 2

Consumer Action Law Centre has published part 2 of its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector today. The submission draws on the experienc...

February 5, 2018

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Consumer Action submission part 1

Consumer Action Law Centre has published part 1 of its initial submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector today. The submission draws on the e...

January 22, 2018

Submission: Comment: Towards a transparent public reporting regime for life insurance claims information

Thank you for the opportunity to comment on the Discussion Paper Towards a transparent public reporting regime for life insurance claims information, outlining the options and issues involved in the n...

August 21, 2017

Submission: Comment on ASIC CP 284: Example statement of advice for life insurance—Update to RG 90

Thank you for the opportunity to comment on ASIC’s draft Regulatory Guide 90: Example statement of advice: Scaled advice for new customer and Consultation Paper 284. We appreciate the complex and exte...

August 21, 2017

Future of Financial Advice – Post Implementation Review submission

The Consumer Action Law Centre is pleased to provide a submission in response to the Consultation Paper prepared as part of the Post Implementation Review of the Future of Financial Advice reforms....

June 14, 2017

Consumer protection in the banking, insurance and financial sector

The Consumer Action Law Centre (Consumer Action) is pleased to provide a submission to the Senate Inquiry into consumer protection in the banking, insurance and financial sector. Read the full subm...

March 16, 2017

Submission: Life insurance industry inquiry

This submission will focus on issues seen in Consumer Action’s casework and policy work, including life insurance contract terms which could be ‘unfair’, an assessment industry self regulation and p...

December 2, 2016

Draft Life Insurance Code of Practice – Second Public Consultation

Thank you for the opportunity for Consumer Action Legal Centre (Consumer Action) and the Financial Rights Legal Centre (Financial Rights) to comment on the Financial Services Council’s (FSC’s) Draft L...

September 16, 2016

Scrutiny of Financial Advice Inquiry: Additional terms of reference on the life insurance industry

Joint submission with Financial Rights Legal Centre and CHOICE to the Senate Economics References Committee Scrutiny of Financial Advice Inquiry: Additional terms of reference on the life insurance in...

April 22, 2016

Stop selling junk – ASIC reports show how Australians are being dudded out of millions

Consumer Action Law Centre is calling on insurance and warranty companies to stop selling junk following the release of two damning ASIC reports. ASIC today released two reports examining add-on in...

February 29, 2016

Draft Life Insurance Code of Practice

Joint submission with Financial Rights Legal Centre and Financial Counselling Australia to the draft Life Insurance Code of Practice. Read the full report here [PDF]...

February 2, 2016

Life Insurance Reform Legislation

The Consumer Action Law Centre (Consumer Action) welcomes the opportunity to comment on the exposure draft Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2015 (the draft bill)....

December 23, 2015

Life insurance overdue for change

Consumer Action Law Centre says that proposed changes from the life insurance industry (welcomed by Assistant Treasurer Josh Frydenberg) to overhaul excessive commission structures and questionable ad...

June 25, 2015

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 ha...

March 27, 2015

Submission: Interim report on Retail Life Insurance Advice

Consumer Action, Financial Rights Legal Centre, Choice and Maurice Blackburn Lawyers have provided comment on the Interim report on Retail Life Insurance Advice. In brief, the submission argues:...

February 10, 2015

Media release: Life insurance report lacks imagination in failing to look beyond commission based sales

The life insurance industry’s initial response to a damning report which revealed 37 per cent of all life insurance advice provided by Australia’s financial services licensees failed to comply with th...

February 10, 2015