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Showing 511 - 520 of 3582 results for "Consumers"

Target market determinations have improved: ASIC

ANDREW MCKEAN  |  WEDNESDAY, 14 DEC 2022
... Report 754 focuses on small amount credit contracts (SACCs) due to the overrepresentation of financially vulnerable consumers accessing these products, leading to a higher risk of consumer harm. The report found that SACC lenders TMDs lacked detail in ...

Life insurer claims under regulator watch

CHLOE WALKER  |  MONDAY, 12 DEC 2022
... commenced, and six have completed, customer remediation programs," ASIC said. ASIC deputy chair Karen Chester explained consumers need to have the confidence that their insurers will calculate and pay their claims accurately. "With seven life insurers ...

APRA, ASIC concerned over premium increases

CHLOE WALKER  |  FRIDAY, 9 DEC 2022
... executives of life insurers to explain the continuing increases to retail insurance premiums following complaints from consumers and reportable situations. In a joint letter, the regulators said they're concerned premium increases have been applied inappropriately ...

Trustees must improve IDR processes: ASIC

JAMIE WILLIAMSON  |  FRIDAY, 9 DEC 2022
... time that some trustees were also failing to adequately record complaints received. In response to the report, Super Consumers Australia director Xavier O'Halloran said: "Consumers have been left on hold for too long, it's time for super funds to ...

ALRC should prioritise advice regulations: FPA

CASSANDRA BALDINI  |  THURSDAY, 8 DEC 2022
... provisions," she said. "This significantly and negatively impacts the affordability and accessibility of financial advice for consumers." She noted that the Corporations Act contains duplicated requirements applying to the individual planner, either ...

OnePath Life sued over utmost good faith duties breach

JAMIE WILLIAMSON  |  THURSDAY, 8 DEC 2022
... whoever the insurer considers to be a perfect policyholder," ASIC deputy chair Sarah Court said. "Insurers deal with their consumers at their most vulnerable. This makes it crucially important that they ensure their customers understand their rights ...

ASIC launches civil action against American Express

CASSANDRA BALDINI  |  TUESDAY, 6 DEC 2022
... benefits. The regulator further alleges that by February of this year, Amex was aware that the cancellation rates for consumers who applied for the credit cards in David Jones stores were high, and significantly higher than cancellation rates for credit ...

ASIC hands out more interim stop orders

CHLOE WALKER  |  MONDAY, 5 DEC 2022
... considered that the TMD for APS Savings did not adequately describe the objectives, financial situation and needs of consumers likely to be in the target market in an objective manner. ASIC said that it expects APS Savings to consider the concerns raised ...

UK regulator looks to simplify advice

JAMIE WILLIAMSON  |  FRIDAY, 2 DEC 2022
... advice. "We expect that these changes, along with the Consumer Duty, should mean core investment advice can be offered to consumers at a lower price point than holistic financial advice," the FCA said. Much of the proposed changes come on the back of ...

Millions of retirees will benefit from QAR

CASSANDRA BALDINI  |  TUESDAY, 29 NOV 2022
... by the year 2040. According to data released by the Financial Services Council (FSC), the QAR proposals will support consumers approaching or in retirement in three ways. Firstly, by increasing the provision of information, available products, and good ...