Licensing and Regulation - Consumer Action Law Centre

Telco conduct harming customers reveals why self-regulation is a failure

A new report by Financial Counselling Australia has criticised the selling practices, customer service and financial hardship programs offered by the telco industry in the wake of COVID-19, revealing ...

Review of the Australian Financial Complaints Authority

Contributors to this submission have supported and represented thousands of people in disputes with financial services providers and superannuation funds over many years. This includes extensive exper...

Consumer remediation: Update to Regulatory Guide 256

We strongly support a continuing focus on consumer remediation by the Australian Securities and Investments Commission (ASIC) in its enforcement. Remediation programs have been a very welcome develop...

Vic Government called on to act as big gaps in consumer protection put solar customers at risk

Consumer Action has today published a report calling on the Victorian Government to fix the gaps in consumer protections that are leaving thousands of solar customers prey to high-pressure sales tacti...

REPORT: Telcos miss the mark on hardship support during COVID, time to treat them as an essential service

A new report by the Australian Communications and Media Authority (ACMA) Customer financial hardship in the telco industry reveals stark variations in hardship support offered during the COVID-19 cris...

The Rooftop Solar Sector Review: Our Submission

Consumer Action Law Centre (Consumer Action) welcomes the opportunity to provide input into the Clean Energy Regulator’s (CER) review into the rooftop solar photovoltaic (PV) sector. There has been...

Revamped Koorihelp website and Facebook page launched for community

Consumer Action has launched a revamped Koorihelp website and new Facebook page focused on providing the latest information about pressing consumer issues and services to Victoria’s Aboriginal and Tor...

Modernising the Telecommunications Industry Ombudsman Terms of Reference

WEstjustice, Consumer Action Legal Centre, Financial Rights Legal Service, and Financial Counselling Australia provide legal casework and financial counselling services to consumers, particularly thos...

Regulator proposes to stop the latest predatory lending model involving Cigno

The corporate regulator is proposing to again use its product intervention power (PIP) in relation to Cigno and BHF Solutions. Consumer Action Law Centre supports the move, saying there is a desperate...

Consumer groups: Federal insurance pricing monitor a ‘national priority’ ahead of next bushfire season as NSW office closes

The closure of the NSW insurance pricing monitor today leaves a gap in consumer protection that should be filled by an independent national body says a coalition of consumer groups. The NSW Emergen...

Junk insurance rorts continue despite millions in refunds

The Australian Securities and Investments Commission’s (ASIC) announcement today that it has secured its final tranche of remediation for consumers sold junk consumer credit insurance (CCI) by 11 bank...

Fairness must drive consumer policy in 2020

by Gerard Brody, CEO of Consumer Action Law Centre Fairness will be the big issue in consumer policy during 2020. It is being talked about like never before. This follows on from Kenneth...

Strong compliance and enforcement is needed in telecommunications industry

Consumer Action receives 2-3 new calls per week through our legal assistance and worker advice lines or the National Debt Helpline about clients who are negatively affected by unaffordable phone debt....

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

Interim ban on unsolicited sale of direct life insurance and consumer credit insurance

Consumer Action commented on a draft legislative instrument and revisions to ASIC Regulatory Guide 38: The Hawking Provisions (DraftRG38) relating to ASIC’s proposed interim ban on outbound telephone...

ASIC bans cold-calling telephone sales of life, funeral and consumer credit insurances

As the Australian Securities and Investments Commission (ASIC) bans life insurance and consumer credit insurance (CCI) providers from flogging products via outbound telephone sales, Consumer Action La...

Centre Alliance and Labor unite to force action on harmful payday loans and consumer leases

Consumer Action Law Centre (Consumer Action) welcomes the introduction today of legislation in the Senate by Labor and Centre Alliance, in the wake of Government inaction. The Bill is an important mea...

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...

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...

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...

National Energy Retail Amendment (Strengthening Protections for Customers in Hardship) Rule 2018 Draft Rule Determination

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...

New telco industry data highlights urgent need for effective regulation and enforcement powers to protect Australians

New complaints data released by the Telecommunications Industry Ombudsman (TIO) emphasises the clear need for regulation and strengthened regulator enforcement powers to protect Australians from poor...

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...

Insurance pricing differences: New vs existing customers

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...

NZ Select Committee on Credit Contracts Legislation Amendment Bill: Opening Remarks

The below statement was delivered on 31 July 2019 by Consumer Action Law Centre CEO, Gerard Brody to the New Zealand Select Committee on Credit Contracts Legislation Amendment Bill. High co...

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...

New Banking Code must have teeth: consumer groups

Australia’s banks will have to commit to strict enforcement and strong resourcing for the new Code of Banking Practice, if the Code is to achieve real change in the industry, say consumer advocates....

Submission: Implementation of prohibition on flex-commissions

The Consumer Action Law Centre welcomes the opportunity to comment on the implementation of the prohibition on flex-commissions Consultation Paper (the Consultation Paper). We generally support the...

“Credit repair” business ordered to pay $1.7 million

The Federal Court has found that credit repair business, Malouf Group Enterprises Pty Ltd (Malouf Group), and its director Jordan Francis Malouf breached the Australian Consumer Law by making false an...

Oversight of the Australian Financial Complaints Authority: Update to ASIC Regulatory Guide 139

In Australia, everyone should be able to easily access a free, fair, fast and effective service to resolve complaints against financial firms. The establishment of the Australian Financial Complaints...

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: 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: APRA powers for non-ADI lenders

The Consumer Action Law Centre (Consumer Action) and CHOICE have made a joint submission on the draft Treasury Laws Amendment (Non-ADI Lender Rules) Bill 2017 (the draft Bill). We support the proposa...

Comment on ASIC proposed ban on flex-commissions

Thank you for the opportunity to make additional comments on the proposed ASIC Credit (Flexible Credit Cost Arrangements) Instrument banning flex-commissions. Consumer Action supports this proposal. I...

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...

Submission: ASIC Financial Services Panel

The Consumer Action Law Centre is pleased to provide a submission in response to Consultation Paper 281 regarding the proposal to establish a Financial Services Panel (the Panel). Given the apparent...

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...

Supplementary submission: Design & Distribution Obligations and Product Intervention Power – Proposals Paper

The undersigned provided a comprehensive submission to the Design and Distribution Obligations and Product Intervention Power – Proposals Paper (the Proposals Paper) on 15 March 2017. We make this sup...

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...

BMW Finance – you could get compensation

The Australian Securities Investment Commission (ASIC) recently took action against BMW Australia Finance (BMW Finance) for signing up customers to car loans they could not afford between 1 January 20...

Submission in response to Consultation Paper 272 – Remaking ASIC class orders on time-sharing schemes

Consumer Action Law Centre (Consumer Action) and Financial Rights Legal Centre (Financial Rights) are pleased to make this submission to the Australian Securities and Investments Commission’s (ASIC) p...

Proposed Industry Funding Model for the Australian Securities and Investments Commission – Proposals Paper.

Consumer Action Law Centre (Consumer Action) and CHOICE welcome the opportunity to comment on the Proposed Industry Funding Model for the Australian Securities and Investments Commission (ASIC). Re...

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...

Consumer groups welcome a stronger ASIC

Consumer groups CHOICE and Consumer Action Law Centre welcome today’s announcement of new funding and powers to protect consumers of financial services. In 2014-15 ASIC’s budget was reduced by $120...

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...

As Australians face over $1 trillion personal debt crisis, advocates warn about ‘debt vultures’

With ABS data showing that Australians are living with over $1 trillion of personal debt, consumer advocates are warning that an emerging industry of ‘debt vultures’ is making things worse. Debt vu...

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...

A weaker ASIC helps no one: consumer groups

A proposed funding model for corporate regulator ASIC has come under fire by consumer groups who say the model could lead to a weaker and less effective regulator. In a submission to Treasury, the...

Proposed industry funding model for the Australian Securities and Investments Commission: Joint Submission

We welcome the opportunity to comment on Treasury’s consultation paper proposing an industry funding model for ASIC (the consultation paper). The following is a joint submission prepared by the above...

Media Release: Financial System Inquiry puts consumer welfare first

Consumer Advocate urges Government to implement recommendations ASAP The David Murray-led Financial System Inquiry represents a “paradigm shift” for Australia’s financial system. The report recogni...

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