Banking Royal Commission Archives - Consumer Action Law Centre

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...

Comment on the ACCC’s authorisation of amendments to the 2019 Banking Code of Practice

Consumer Action Law Centre (Consumer Action), the Financial Rights Legal Centre (Financial Rights) and Financial Counselling Australia (FCA) have provided comment on the Australian Banking Association...

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...

Increased consumer protections and removal of legal loopholes key Royal Commission recommendations

Increased consumer protections and removal of loopholes and exemptions are the key recommendations from the Hayne Royal Commission that will benefit everyday Australians says Consumer Action Law Centr...

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...

Consumer Action and the Royal Commission

Consumer Action is not able to advise or represent members of the public for the purposes of the Royal Commission. However, the Royal Commission is now receiving public submissions directly...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Submission on the Interim Report – Rounds 1 to 4

Consumer Action Law Centre has published its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry responding to the Interim Report and poli...

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...

Grant Stewart – Royal Commission Witness: MEDIA RELEASE

Today Victorian man Grant Stewart, 61, gave evidence to the Financial Services Royal Commission about a life insurer pressure-selling insurance to his son, who has a disability. Mr Stewart told t...

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)

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...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Submission on Round 3 Hearings

This written submission is provided by Consumer Action Law Centre (Consumer Action) following the conclusion of the Round 3 hearings on loans to small and medium enterprises. Misconduct and conduct...

Tracey Walsh – Royal Commission Witness: Media Release

Today Tracey Walsh, a 53-year-old Aboriginal and Torres Strait Islander woman from Victoria, gave evidence to the Royal Commission into Misconduct in the Banking, Superannuation & Financial Servic...

Jail time for corporate crooks needed to clean up finance sector

Today the Federal Government announced that there will be tougher penalties for corporate misconduct, and stronger powers for the corporate regulator ASIC. The Federal Government has agreed or agreed-...

Consumer groups call for tougher penalties, ban on broker commissions in submissions to Royal Commission

Consumer Action Law Centre, CHOICE and Legal Aid NSW today published submissions in response to the first round of hearings before the Royal Commission into Misconduct in the Banking, Superannuation a...

Summary of Consumer Action submission to Royal Commission on consumer lending and reform recommendations

Consumer Action Law Centre (Consumer Action) has published its submission to the Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector in response to the consumer lending...

Find yourself judging bank victims? That’s exactly what the banks want

Jonathan Brown, Communications Manager - Consumer Action Law Centre It’s not often that I find myself in tears at work, but last week as I heard the story of, and then met Robert Regan – the fi...

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 l...

ANZ defends 30-year loan to scam victim aged 71

ANZ Bank has defended giving a 30-year loan to a 71-year-old scam victim in testimony to the Banking Royal Commission. In response to Mr Robert Regan’s (Full witness statement now available at the...

Robert Regan – Royal Commission Witness

Today the first bank customer witness took the stand at the Royal Commission. Robert Regan, a 72 year old widower from Victoria, took out a home loan with the ANZ through a broker in 2017 following th...

Consumer Action and the Royal Commission

Consumer Action has made two submissions to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The experiences of the people we help through our advic...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Consumer Action submission part 2

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...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Consumer Action submission part 2

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Consumer Action submission part 1

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...

Royal Commission into Misconduct in the Banking, Superannuation and Finance Sector – Consumer Action submission part 1

Consumer Action comment on Royal Commission into the financial services sector

Consumer Action Law Centre says the Royal Commission into the financial services sector will empower people who have been ripped off by the banks, insurers and other financial institutions. ‘This Roy...

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...

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