All shoppers need to be wary of junk insurance
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...
Joint submission: Options to reform the sale of add-on insurance and warranties in car yards
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]...
Submission: Insurance Contracts Regulations 2017
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...
Joint submission: Options to reform the sale of add-on insurance and warranties in car yards
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...
Submission: Inquiry into Competition in the Australian Financial System
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...
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...
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...
Another day, another multi-million dollar junk insurance pay back
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...
Best opportunity for fair insurance in years
Industry, Government and advocates have one of the best opportunities in years to make insurance fair, according to Consumer Action Law Centre. A Senate committee has recommended a major shake up t...
Car yard insurance sham exposed – how Australians can get money back
The game is up for car yards and insurance companies who’ve been ripping Australians off, according to Consumer Action Law Centre. Following the corporate watchdog ASIC's announcement today that in...
Junk insurance days are numbered: Consumer Advocates
Following multi-billion dollar scandals in the UK and exposure of similar problems in Australia, the sale of Consumer Credit Insurance (CCI) products in Australia is finally being tackled by industry...
Junk warranties: Your time is up
Consumer Action Law Centre says a class action to be launched against Australia’s biggest extended car warranty company shows rubbish warranties have had their day. International law firm Quinn Ema...
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....
Submission: Emergency Services Levy Insurance Monitor public inquiry into prohibited conduct in the insurance industry
We were asked to provide feedback on questions 4, 5, 7 and 11 in the ESLIM’s Public Inquiry Issues Paper. We have also responded to question 9 on competition drivers, and briefly commented on our insu...
Submission: General Insurance Code of Practice 2017 Review
The Code is an important piece of self-regulation, setting out the best practice expected of the industry. Recent inquiries and reviews have ventilated a number of persistent, systemic problems for ge...
Inquiry into consumer protection in the banking, insurance and financial sector
Hearing, 26 April 2017, Sydney Opening statement Susan Quinn, Senior Policy Office, Consumer Action Law Centre With Katherine Temple, Senior Policy Officer, Consumer Action Law Centre Good after...
Comment on ASIC CP 279: Flex commission arrangements in the car finance industry
Consumer Action supports ASIC’s proposal to prohibit flex-commissions in the sale of car loans through a legislative instrument. There are clearly significant variations in the interest rates charged...
Progress on banking code, but missed opportunities too: consumer advocates
The Australian Banker's Association (ABA) response to the Independent Review of the Code of Banking Practice (Khoury Review) is a positive start, but consumer advocates say there are some missed oppor...
Design and Distribution Obligations and Product Intervention Power – Proposals Paper
Nine consumer advocacy organisations have made a joint submission on the Design and Distribution Obligations and Product Intervention Power. This joint submission was coordinated by Consumer Action La...
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...
“Car yards should be ashamed”: tips on avoiding car yard shonks
Consumer Action Law Centre is warning Australians about the behaviour of car yard shonks following an ASIC action refunding $400,000 to a group of NSW car buyers who were forced to purchase warran...
ACCC rejects weak effort by insurers to fix junk insurance
The Australian Competition and Consumer Commission (ACCC) has today rejected a cynical move by the insurance industry to keep selling junk insurance products. The industry has placed blame on the size...
Senate Standing Committee on Economics inquiry into Australia’s general insurance industry
This submission examines home and car insurance from the consumer’s perspective. It focuses on transparency in Australia’s home and car insurance industries, the benefits of establishing an independen...
Submission: ANZ Banking Group Ltd—Exclusive Dealing Notification N99426
Thank you for the invitation to comment on the ANZ Banking Group Ltd—Exclusive Dealing Notification N99426 (the Notification), under which ANZ is only financing Esanda and ANZbranded comprehensive car...
Victims of financial scandals need simple justice – response to Ramsay EDR Review
Following the slew of financial scandals Australians have faced in recent years, consumer advocates say that Australians need simple and accessible justice with reformed Ombudsman services. The Rev...
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...
Financial Services Council – Draft Minimum Standard Medical Definitions
Thank you for the opportunity for the Financial Rights Legal Centre and the Consumer Action Law Centre to comment on the Financial Services Council’s Draft Minimum Standard Medical Definitions. Rea...
Submission: Applications for authorisation—A191556-A91557 Aioi Nissay Dowa Insurance Company Australia Pty Ltd & Ors
This submission focuses on the public benefit and detriment of the proposal for consumers. Any benefits to motor vehicle dealerships or insurers are private and not public in nature, and we do not b...
Do insurers deserve the special treatment they receive under the law? Mental Health Week 2016
John* got a car loan for a modest run-about car and also bought add-on insurance. He alleges that he was told it would kick in if he became unable to work due to illness. He thought it sounded like...
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...
Junk insurance victims fight back as ASIC report damns industry
Australians sold junk insurance are demanding their money back as ASIC releases a damning report into the atrocious value and shocking sales practices at car yards. The ASIC “A market that is faili...
Emergency Service Levy Monitor – price exploitation and false conduct draft guidelines
Consumer Action Law Centre (Consumer Action) is pleased to comment on the Emergency Services Levy Insurance Monitor Act 2016 Draft Guidelines on the prohibition against price exploitation and Draft Gu...
Indigenous insurance exploitation must be stopped following court decision: Consumer groups
A Federal Court decision has allowed for the continued exploitation of Indigenous Australians through dud Funeral Insurance schemes. For years, low income Indigenous communities have been targeted...
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...
Response to a finance sector Royal Commission: Gerard Brody
In response to the announcement that a Labor Government would initiate a Royal Commission into the finance sector, Consumer Action Law CEO Gerard Brody said: “A Royal Commission into the finance se...
Australians urged to fight back against junk insurance and demand over $70m in refunds
https://www.youtube.com/watch?v=tLFnf30Qu6k Australians could be due for over $70m* worth of refunds each year for insurance and warranty products they don’t even know they’ve bought. The latest...
From Good to Great – the Australian Consumer Law Review and beyond – Consumer Congress 2016 Speech
Gerard Brody, National Consumer Congress, 16 March 2016 The Australian Consumer Law has served the community well since it was enacted back in 2010, and it has produced a number of significant outc...
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...
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]...
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)....
Junk merchants fleecing millions from unknowing Australians
Unknowing Australians could be paying millions of dollars for junk insurance according to a new report from Consumer Action Law Centre. The ‘Junk Merchants’ report says that Consumer Credit (CCI) a...
Add-on insurance – watch out!
Consumer Action has helped a client take on one of Australia's biggest finance companies about add-on insurance and a high-cost loan. In April 2013, our elderly client asked for a loan of $10,000 to...
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...
Insurance companies: Prove your loyalty to us. Be upfront on price rises.
Australians want their insurance companies to be upfront with yearly price rises according to a survey commissioned by Consumer Action. If you own general insurance (for example, insurance for your...
Junk Insurance and Rubbish Warranties: Help stop others going through the same.
Earlier this year we shared about the risks of junk insurance and rubbish warranties. Now we need your help. We would like to hear from you if you’ve recently been sold: a motor vehicle warran...
Junk Insurance and Rubbish Warranties
You might have bought something useless and don’t even know it. If you’ve purchased a used car or taken out a credit card or loan, you may have paid for some junk insurance or a rubbish warranty that...
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...
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 (CCI) alongside payday loans. Consumer Ac...
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:...
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...