Life Insurance Archives - Consumer Action Law Centre

Consumer groups comment on Banking Royal Commission reforms

Consumer groups welcome today’s passage of Royal Commission recommendations into law, but condemn the government for introducing the law to axe safe lending laws into the House. “This week the govern...

Regulator proposes to stop the latest predatory lending model involving Cigno

The corporate regulator is proposing to again use its product intervention power (PIP) in relation to Cigno and BHF Solutions. Consumer Action Law Centre supports the move, saying there is a desperate...

Junk insurance rorts continue despite millions in refunds

The Australian Securities and Investments Commission’s (ASIC) announcement today that it has secured its final tranche of remediation for consumers sold junk consumer credit insurance (CCI) by 11 bank...

New report reveals how irresponsible lenders are causing harm in Victorian Aboriginal communities

Consumer Action Law Centre (Consumer Action) and the Victorian Aboriginal Legal Service (VALS) are launching a new report on how irresponsible lenders are causing harm in Victorian Aboriginal communit...

Consumer advocates welcome Act implementing three key Banking Royal Commission recommendations

Today the Government passed the first omnibus bill in the wake of the Banking Royal Commission, which consumer advocates say will help address long-standing problems with unfair insurance contracts, f...

Strengthening consumers’ voice in policy and regulation affecting superannuation
The Treasury – Consumer Advocacy Body for Superannuation: expression of interest

Choosing a superannuation fund is one of the most important financial decisions a person will make. However, the superannuation system is failing countless Australians. People across Australia cont...

Making the insurance claims process fair
The Treasury – Making insurance claims handling a financial service – Financial Services Royal Commissions Recommendation 4.8

From a consumer perspective, claims handling is the most critical part of the insurance process, and one of the most problematic. Too often, the claims process is arduous, lengthy and unfair. In ou...

Submission: Inquiry into credit and financial services targeted at Australians at risk of financial hardship

Interim ban on unsolicited sale of direct life insurance and consumer credit insurance
Australian Investments and Securities Commission - Draft legislative instrument and revised Regulatory Guide 38

Consumer Action commented on a draft legislative instrument and revisions to ASIC Regulatory Guide 38: The Hawking Provisions (DraftRG38) relating to ASIC’s proposed interim ban on outbound telephone...

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...

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...

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...

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...

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...

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...

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...

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...

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-...

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...

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...

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...

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...

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