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...
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...
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...
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...
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...
Unsolicited selling is an outdated and abusive practice with a significant risk of mis-selling people products they don’t want, need or understand.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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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-...
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...
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...
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...
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)...
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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
Productivity Commission Competition in the Australian Financial System Opening Remarks from Consumer Action Law Centre – Public Hearings on Draft Report Thank you very much for having me...
There is a big ‘fairness’ problem in insurance. People often make insurance claims when they are at a low ebb. They can face shocking outcomes and no appropriate recourse under current laws. This repo...
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...
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...
Gerard Brody, CEO - Consumer Action Law Centre As originally published in the Herald Sun 27/12/2017 Car yards, banks and insurance companies — we don’t need a Royal Commission to remind us tha...
Thank you for the opportunity to comment on Consultation Paper 294: The sale of add-on insurance and warranties through caryard intermediaries (CP 294). Read the full submission here [PDF]...
Thank you for the opportunity to make this submission on the exposure draft of the Insurance Contracts Regulations 2017. We appreciate the improvements to enhance the readability and clarity of the Ex...
Our organisations strongly support ASIC’s proposal to mandate a delayed sales model for add-on insurance and warranties sold through car yards, and to improve supervision of these sales. We have held...
The Consumer Action Law Centre (Consumer Action), Financial Counselling Australia (FCA) and the Financial Rights Legal Centre (Financial Rights) have welcomed the Productivity Commission’s review of c...
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...
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...
Consumer Action Law Centre says today’s announcement from ASIC that CommBank will refund $10 million to people who were mis-sold consumer credit insurance (CCI), after QBE agreed to pay back $16 milli...