Financial product design and distribution obligations must be consumer centred and limit loopholes
The Design and Distribution Obligations (DADOS) require financial service providers to provide products that meet customer needs rather than focussing on securing the sale. In our joint submission on...
ASIC Enforcement Review
In our joint response to exposure draft legislation implementing certain aspects of the ASIC Enforcement Review Taskforce (ERT) Final Report, Consumer Action and Financial Rights Legal Centre (Financi...
Customer-owned banking code must adequately address financial vulnerability
In our joint submission with Financial Rights Legal Centre to the Report Two of the Customer Owned Banking Association’s (COBA) independent review of the Customer Owned Banking Code of Practice (COBA...
Making it easier for vulnerable customers to access fee-free banking
Access to fee-free ‘basic bank accounts’ are an important support for vulnerable banking customers. In light of the harm banking fees can cause for low-income and vulnerable consumers, Commissioner Ha...
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...
The mortgage broking industry is long overdue for reform
The mortgage broking industry is long overdue for reform. Landmark inquiries from the Banking Royal Commission and the Productivity Commission, as well as a number of ASIC investigations, have all...
Energy regulators should have strong powers to stop misconduct
Consumer Action supports the Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Bill 2019 (the Bill). We feel that it will ensure the Australian Energy Regulator (AER) has appropriate powe...
Cashless Debt Card undermines the role of the market in serving consumer and community interests
Much of the Federal Government’s effort to address cost of living pressures involves making it easy to switch and exercise choice, for example, through the new Consumer Data Right. However, the Cashle...
Fairness needs to be at the forefront of the energy market
It is our firm stance that fairness should be at the forefront of all markets. In our comment on the Energy Security Board (ESB) Post 2025 Market Design Issues Paper (Issues Paper), Consumer Action...
Giving energy users access to fair finance for new energy tech
On 9 September 2019, Consumer Action attended a pre-decision conference on AA1000439 New Energy Tech Consumer Code (The Code) Application. We have provided a further submission following the discussio...
Making sure Victorian energy is safe for those requiring power for life support purposes
Most people would take the reliability of electricity services for granted. When the power goes out, it is frustrating, but not life threatening. But for many Australians, a loss of electricity is...
Looking after the needs of Victorian energy consumers
The Energy & Water Ombudsman Victoria (EWOV) plays an important role in ensuring Victorian households have ongoing access to fair outcomes in relation to the provision of essential energy and wate...
Keeping energy market prices down during energy shortages or network constraints
Demand response service providers could play an important role in the event of energy shortages, coordinating high energy users to consumer less to help keep energy prices down across the market. Curr...
Preparing vulnerable Victorians for electricity outages
Consumers rely on energy distribution businesses to ensure a consistent supply of their essential electricity services. It is important that these businesses are regulated effectively so that consist...
Keeping comprehensive credit reporting fair for those who have previously experienced hardship
Leading consumer advocacy bodies are concerned that customers who experience financial difficulty repaying loans will be unfairly penalised by credit reporting reforms proposed by the National Consume...
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...
Support for an independent review of the Customer Owned Banking Code of Practice
In our joint submission with Financial Rights Legal Centre, Consumer Credit Legal Service (WA), Financial Counselling Australia and the Financial & Consumer Rights Council, we support Cameron Ralp...
New Energy Tech Consumer Code must protect Australians from exploitative buy now pay later arrangements
Consumer Action regularly assists vulnerable and disadvantaged consumers in Victoria with legal and financial issues that arise due to new energy technology such as solar. . The New Energy Tech Consu...
Protecting guarantors from financial abuse
In our feedback to the Banking Code Compliance Committee (BCCC) inquiry into banks’ compliance when accepting and enforcing guarantees, Consumer Action discusses our concerns with guarantee provision...
Victorian Default Offer to apply from 1 January 2020 Issues Paper
The Victorian Default Offer (VDO) was designed to re-regulate electricity pricing to ensure that more Victorian households receive a fair price on their electricity service. Since the VDO’s establishm...
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...
