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...
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...
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...
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...