Insurance - Consumer Action Law Centre

Funeral expenses only products must be held to a higher standard

Consumer advocates have held long standing concerns over the inadequate regulatory framework for funeral expenses products. In our joint submission with Financial Rights Legal Centre (Financial Rig...

Government crackdown on dodgy insurance sales could save Australians millions

When insurance is added onto the sale of another product or service, consumer groups reveal that it’s likely to be a rip-off. This comes in the wake of the Australian Government’s consultation on how...

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

Reforming the sale of add-on insurance

Seven leading consumer groups commented on The Treasury’s Reforms to the sale of add on insurance: Proposal Paper: Consumer Action Law Centre Financial Rights Legal Centre CHOICE Consume...

CommBank criminal charges reinforces need for urgent law reform

The Banking Royal Commission exposed the considerable harm caused by unsolicited selling of insurance products. Today one of Australia’s big four banks has been charged with 87 criminal counts of “haw...

ASIC’s intervention in junk ‘add-on’ insurance market open to abuse by car dealers as DemandaRefund.com tops $5 million

Consumer Action says the Australian Securities and Investment Commission’s (ASIC) proposal to use its product intervention powers (PIP) for add-on insurance and warranties sold by caryards lacks teeth...

Submission: Telecommunications Consumer Safeguards Review Part A – Consumer Redress and Complaints Handling

The norm of fairness must be recognised

Our existing consumer protection framework has failed to prevent unfairness from becoming embedded in business practices. From unclear marketing, subscriptions that make cancellation difficult, to...

Closing the ‘unfair contract terms’ loophole for insurance – Exposure draft legislation

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

Unsolicited selling is an outdated and abusive practice with a significant risk of mis-selling people products they don’t want, need or understand.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)

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...

ASIC Consultation Paper 313: Product intervention power

We welcome the introduction of the product intervention power (PIP) and look forward to ASIC using the power to target businesses that cause consumer detriment by engaging in predatory conduct or fail...

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

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...

Victoria’s Mental Health Royal Commission must examine links between links between poverty, debt and mental health

Consumer Action’s financial counsellors and lawyers speak regularly to individuals experiencing mental health issues. These individuals are commonly trying to deal with a range of consumer problems in...

Regulator slams ‘junk insurance’ sold by banks as Aussies demand over $2 million in refunds

The Australian Securities and Investments Commission (ASIC) report released today confirms that consumer credit insurance, commonly tacked on when taking out a loan or credit card, is junk. This news...

ACCC Northern Australia Insurance Inquiry First Interim Report

Consumer Action Law Centre (Consumer Action) strongly supports the Australian Competition and Consumer Commission’s (ACCC) important work on insurance pricing and the operation of insurance markets in...

Insurance Claims Handling: Taking Action on Recommendation 4.8 of the Banking, Superannuation & Financial Services Royal Commission

Claims handling is the most critical part of the insurance process for many consumers. Unfortunately, ‘legal loopholes’ have caused undue stress and delayed resolutions for too many consumers in thei...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Submission on Module 6 on insurance

Consumer Action made a submission to the Financial Services Royal Commission in October 2018 on the policy questions arising from Module 6 on insurance. Consumer Action has assisted people who have...

Insurance pricing differences: New vs existing customers

‘Loyalty tax’ for insurance is fundamentally unfair

Consumer Action made a submission to the NSW Emergency Services Levy Insurance Monitor’s Discussion Paper, Pricing Differences: New vs Existing Customers. Insurance is a product that claims to reward...

Submission: PIP DADO Regulations

Consumer groups have commented on the exposure draft Corporations Amendment (Design and Distribution Obligations and Product Intervention Powers) Regulations 2018 (Cth) (the Regulations) and explanato...

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...

Consumer groups respond: Banking Royal Commission Interim Report

The release of the Interim Report from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry today is a watershed moment for the finance sector according...

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

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...

Submission: Extending unfair contract terms protections to insurance contracts

The case for extending unfair contract terms (UCT) laws to insurance contracts is clear. The insurance industry is virtually the only industry enjoying an exemption from the economy-wide UCT regime...

Class Actions and Third-Party Litigation Funders: ALRC Inquiry

Consumer Action Law Centre made a submission to the Australian Law Reform Commission's Inquiry into Class Action Proceedings and Third-Party Litigation Funders (Discussion Paper 85, June 2018) (ALRC I...

Submission: Revised Design and Distribution Obligations and Product Intervention Powers Bill

Thank you for the opportunity to comment on the revised exposure draft of the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018 (the revised Bill)...

Stop the spread: New ASIC powers to be extended to funeral insurance, “buy now pay later” credit

The Turnbull Government is set to boost the power of the corporate regulator, with proposed legislation that would allow ASIC to stop even more predatory products from hurting Australians. This leg...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Submission on Round 4 Hearings (General)

Consumer Action Law Centre has published its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector following the Round 4 hearings on issues affecting Aus...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Submission on Round 4 Hearings (Case Studies)

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...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Submission on Background Paper 14 General Insurance

We refer to the Royal Commission’s Background Paper 14: General Insurance (Background Paper) and make the following comments. We note that the Background Paper reflects the views of the authors and no...

Terrorism Insurance Act Review 2018

Consumer Action has reviewed a selection of current Product Disclosure Statements (PDSs) of major brands of domestic insurance to assess whether they are likely to cover loss, damage, liability, costs...

Submission: 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: NSW Emergency Services Levy Insurance Monitor Standard Profile Quotations

This joint submission from Financial Rights Legal Centre and Consumer Action Legal Centre responds to the NSW Emergency Services Levy Insurance Monitor’s 'Standard profile quotations Mid-term review,...

Submission: 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...

Submission – Inquiry into Competition in the Australian Financial System Draft Report

The Consumer Action Law Centre, Financial Counselling Australia and the Financial Rights Legal Centre are pleased to provide a submission in response to the Inquiry into Competition in the Australian...

Royal Commission – Sales culture and short-term profit motivation is the problem

Yesterday, irresponsible car lending was the focus of the Banking Royal Commission, with Nalini Thiruvangadam taking the stand to share her experience of a car loan from Bank of Melbourne (part of the...

Why don’t we read the fine print? Because banks know the pressure points to push

Paul Harrison, Deakin University and Chiara Piancatelli The Financial Services Royal Commission has exposed the pressure selling tactics used by the banks. They draw on simple psychological rul...

Royal Commission – Billion dollar junk insurance rip-off must end now

Consumer Action Law Centre says it’s time for the banking and insurance industry to end the billion dollar junk insurance rip-off they’ve let fester for over a decade. The statement comes following...

Commbank dumps junk – Consumer Credit Insurance (CCI) scandal must end now: Consumer groups

Junk insurance sold with credit cards and loans is on its deathbed according to consumer groups (Consumer Action Law Centre, Financial Rights Legal Centre and Financial Counselling Australia). The com...

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