Suitability - Consumer Action Law Centre

$28 million of junk add-on insurance claims and counting… ASIC must act now to fix junk insurance

Consumer Action Law Centre, Financial Rights Legal Centre and WEstjustice have made a submission to the corporate regulator urging a crackdown on junk insurance sales in car yards. The submission c...

Remove barriers to energy efficiency for rental properties

Consumer Action’s National Debt Helpline service provided financial counselling to over 11,000 people in the 2018/19 financial year. Often issues with low quality rental properties or disputes with re...

Strengthening consumers’ voice in policy and regulation affecting superannuation

Choosing a superannuation fund is one of the most important financial decisions a person will make. However, the superannuation system is failing countless Australians. People across Australia cont...

Making the insurance claims process fair

From a consumer perspective, claims handling is the most critical part of the insurance process, and one of the most problematic. Too often, the claims process is arduous, lengthy and unfair. In ou...

Enhanced protections and clearer responsibilities will better support retirees

There are many systemic issues exist with retirement housing that adversely affect retirees’ wellbeing in their golden years. These include housing providers using threats of eviction to discourage re...

CommInsure sentencing shows we need a blanket ban on unsolicited selling

In the wake of CommInsure’s breaches of anti-hawking laws, Consumer Action Law Centre (Consumer Action) says it’s time to take urgent and decisive action by implementing an economy-wide ban on unsolic...

20,000 Australians demand the end of unfair insurance: Canberra

“Stand up to the insurance lobby” - that’s the message of leading consumer groups as they deliver signatures of over 20,000 Australians to Parliament House in Canberra. The groups anticipate the Fe...

Banks must offer better value bank accounts to struggling Australians

The updated Banking Code received authorisation yesterday from the Australian Competition and Consumer Commission (ACCC) and the ABA are now seeking final approval from the Australian Securities and I...

Funeral expenses only products must be held to a higher standard

Consumer advocates have held long standing concerns over the inadequate regulatory framework for funeral expenses products. In our joint submission with Financial Rights Legal Centre (Financial Rig...

Protecting Australian families from dodgy vendor terms and rent-to-buy arrangements

Over the years, our team has assisted a number of people who have been adversely affected by failed vendor finance and rent-to-buy deals, which are promoted as an opportunity to achieve home ownership...

Energy compliance and performance reporting guideline

Monitoring is only as effective as the information gathered. In our submission to the Essential Services Commission (ESC) Compliance and Performance Reporting Guideline updated to include new entit...

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...

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...

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...

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

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...

Royal Commission into Mental Health Terms of Reference Consultation

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...

ASIC’s intervention in junk ‘add-on’ insurance market open to abuse by car dealers as DemandaRefund.com tops $5 million

Consumer Action says the Australian Securities and Investment Commission’s (ASIC) proposal to use its product intervention powers (PIP) for add-on insurance and warranties sold by caryards lacks teeth...

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...

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...

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...

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...

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...

Opening statement: Public hearing on ASIC’s responsible lending guidance

The following is the opening statement from Consumer Action CEO, Gerard Brody at the public hearing on ASIC’s responsible lending guidance held in Melbourne on Monday, 19 August 2019. I’m G...

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...

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...

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...

Telecommunications Consumer Protection Code Inadequately Protects Consumers: Consumer Groups

The revised Telecommunications Consumer Protection (TCP) Code fails to adequately protect telco consumers, according to consumer groups. Despite consultation with the telco industry and regulator,...

Banks should recognise that anyone can become vulnerable: Submission to ABA Guideline on Customer Vulnerability

There are any number of reasons why a person would be unable to unwilling to speak up when they are struggling with their financial situation. Who among us hasn’t faced a financial issue at one poi...

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...

‘Loyalty tax’ for insurance is fundamentally unfair

Consumer Action made a submission to the NSW Emergency Services Levy Insurance Monitor’s Discussion Paper, Pricing Differences: New vs Existing Customers. Insurance is a product that claims to reward...

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...

Submission: Extending unfair contract terms protections to insurance contracts

The case for extending unfair contract terms (UCT) laws to insurance contracts is clear. The insurance industry is virtually the only industry enjoying an exemption from the economy-wide UCT regime...

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...

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