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Showing 31 - 40 of 1505 results for %22Consumer Commission%22

Treasury names new ASIC commissioners

KARREN VERGARA  |  FRIDAY, 25 AUG 2023
... Simone, and Alan each have considerable experience in areas relevant to ASIC's strategic priorities. They join the Commission as we embark on a program of work to become a leading data-informed regulator and strengthen our commitment to strong and decisive ...

Former advisers costs CBA $1.2bn in remediation

KARREN VERGARA  |  WEDNESDAY, 9 AUG 2023
... $704 million of the total customer remediation bill was attributed to other wealth services relating to advice quality, consumer credit insurance products, certain superannuation, and other products. About $673 million was remediated to customers suffering ...

ASIC looking to send message with eToro action

CASSANDRA BALDINI  |  WEDNESDAY, 9 AUG 2023
... that most people who invest in these products lose their money and that those losses are substantial." After the Royal Commission, the government introduced a comprehensive set of new laws aimed at safeguarding consumers and investors, particularly in ...

ACCC slams door on ANZ, Suncorp deal

CASSANDRA BALDINI  |  FRIDAY, 4 AUG 2023
The Australian Consumer and Competition Commission (ACCC) has declined ANZ's $4.9 billion bid to acquire Suncorp Group's banking arm, citing concerns around competition and potential consumer detriment. The regulatory body said it remains unsatisfied ...

Trustees lack urgency, strategy on RIC: Regulators

KARREN VERGARA  |  TUESDAY, 18 JUL 2023
... members' needs. "Trustees must get the fundamentals right - their retirement income strategies must be designed with consumer needs in mind and be evidence-based. They need to be mindful that their members' needs evolve over time and commit to ...

ACCC publishes draft guidance on greenwashing

RACHEL ALEMBAKIS  |  FRIDAY, 14 JUL 2023
The Australian Competition and Consumer Commission (ACCC) has outlined eight principles designed to combat greenwashing by businesses and protect consumers. The ACCC has published a draft guidance to address "concerning conduct" arising from a recent ...

US regulators launch investigation into OpenAI

CASSANDRA BALDINI  |  FRIDAY, 14 JUL 2023
... investigating OpenAI, the artificial intelligence research firm that owns ChatGBT, to evaluate possible negligence and consumer harm. In a 20-page document sent to the Microsoft-backed AI firm, regulators demanded detailed records of OpenAI's policies ...

Life, funeral insurers cop $14m fine

KARREN VERGARA  |  WEDNESDAY, 5 JUL 2023
... opportunity to understand and consider the features of the insurance product they had been offered, resulting in poor consumer outcomes," she said. In 2019, ASIC consequently banned unsolicited cold call telephone sales of direct life insurance and consumer ...

Trustees must do better on account consolidation: ASIC

JAMIE WILLIAMSON  |  THURSDAY, 29 JUN 2023
... accounts, a portion of which were people with more than one account with the same fund. According to the Productivity Commission, unnecessary multiple accounts can leave someone over $50,000 worse off in retirement. Following the review, three super ...

ASIC nudges trustees on member fund compliance

ANDREW MCKEAN  |  TUESDAY, 27 JUN 2023
... responsibility to secure incoming funds for products in specific, prescribed manners. This is essential to safeguarding a consumer's money until such time as a product is issued to them or their existing product receives an increase, she said. Notwithstanding ...