Licensing and Regulation - Consumer Action Law Centre

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...

Have you borrowed from Sunshine Loans or Cash Loan Money Centre?

Have you had loans from Sunshine Loans or Cash Loan Money Centre? If so, you may be entitled to compensation after ASIC expressed concern that these companies had business models designed to avoid...

Media Release: Revised debt collection guideline should improve industry conduct

Consumer Action Law Centre has welcomed the revised Debt Collection Guideline published by the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commi...

Media Release: Inquiry recommends changes to ASIC

Consumer Action welcomes much of the findings of the Senate Standing Committees on Economics Inquiry into the Performance of the Australian Securities and Investments Commission (ASIC), and commends A...

Submission: The performance of the Australian Securities and Investments Commission

Consumer Action Law Centre has made a submission to the Senate Economics References Committee inquiry into the performance of the Australian Securities and Investments Commission (ASIC). Briefly: w...

Media release: ASIC case against The Cash Store to shape the future of payday lending

One of Australia’s biggest payday lenders, The Cash Store, will face allegations of irresponsible lending and unconscionable conduct before the Federal Court. The case being brought by the Australian...

Media release: ASIC action exposes funeral insurance advertising tricks

The Australian Securities and Investments Commission (ASIC) has blown the whistle on the funeral insurance industry’s advertising tricks by publicly airing concerns about the advertising of Hollard Fi...

New Report: Regulator Watch

Consumer Action believes that a regulatory scheme with well-designed rules will be ineffective in addressing industry or market-wide problems if it can only be enforced by individual consumers taking...

Submission: ASIC Consultation Paper on an online database for small amount lenders

Joint submission with Financial Counselling Australia and the Consumer Credit Legal Service (WA) to ASIC's Consultation Paper on an online database for small amount lenders. The Consumer Action Law Ce...

ASIC’s strong action against Zaam Rentals welcomed

Consumer Action is pleased to see ASIC take strong action against credit licence holder Zaam Rentals – the cancellation of Zaam Rentals’ credit licence should act as a warning to other credit provider...

Submission: ASIC Consultation Paper 178 and ASIC’s draft good practice guidance on advertising credit products and services

Consumer Action strongly supports draft Regulatory Guide 234. In particular we support ASIC's position that advertisements should give clear, accurate and balanced messages and allow consumers to make...

Media release: Consumer Action welcomes ASIC investigation into broker responsible lending conduct

Consumer Action Law Centre has welcomed the release of the Australian Securities and Investment Commission's (ASIC) investigation into mortgage brokers' responsible lending conduct, focusing on ‘low d...

Media release: Report into consumer credit insurance exposes dirty tactics

The Consumer Action Law Centre has responded to ASIC’s report into consumer credit insurance (CCI), by saying that it confirms two of its long held suspicions; that many lenders selling CCI are using...

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