On 9 May 2017 the Government accepted all 11 Recommendations of the Review of the financial system external dispute resolution and complaints framework (the Ramsay Review). These recommendations included the establishment of a one-stop shop for all financial disputes,...
On 22 November 2016, the Senate referred an inquiry into Australia’s general insurance industry to the Senate Economics References Committee for inquiry and report. See here for details. The terms of reference for the inquiry were: the increase in the cost of...
ASIC has announced that the Commonwealth Bank (Commbank) will refund over 65,000 customers approximately $10 million after selling them unsuitable consumer credit insurance (CCI). CCI is a type of add-on insurance sold with credit cards, personal loans, home loans and...
The Financial Ombudsman Service (FOS) has advised its 1300 number will soon be phased out and that members need to ensure they are including the 1800 FOS AUS number in their Financial Services Guide or Credit Guide to comply with ASIC Regulatory Guide 165. Please be...
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