Four questions the ACCC should put to the big banks

The Australian Competition and Consumer Commission conducted an inquiry into mortgage pricing as recently as last year. Now Treasurer Josh Frydenberg has asked it to do another, broader one, in order to ensure the banks’ pricing practices are “better understood”,…

Australians ripped off by foreign exchange fees

Australians are being urged to shop around for foreign currency services to avoid being charged exorbitant fees from the big four banks. The Australian Consumer Competition Commission (ACCC) latest inquiry into foreign currency conversion services reveals that the big four…

Kavanagh

There was plenty of discussion about an Australian Competition and Consumer report last month, which highlighted a number of concerns for consumers in their dealings with digital platforms. But an issue of equal concern raised by the regulator last week…

Kavanagh

While the Government is considering what controls it might impose on digital platforms, in response to the Australian Competition and Consumer Commission’s critical review of the sector, there are important takeaways for consumers. The ACCC review of digital platforms focused…

Lift your home loan game

With home loan interest rates as low as 2.99 per cent, borrowers have plenty of scope to negotiate a better rate or refinance. A lot of borrowers don’t know they can haggle with their lender. The consumer watchdog, the Australian…

Flight or fight: knowing your rights

Consumers should be on high alert to avoid being misled about their rights and entitlements when dealing with airlines. Last week the Federal Court fined Jetstar $1.95 million for making false or misleading representations about consumer guarantee rights between April…

Investment scam losses grow

Australian consumers are being hit harder by scams than ever before, with a steep increase in losses reported to government agencies last year. In 2018, $489 million in losses from around 378,000 scams were reported to the Australian Competition and…

Comparison site accused of making false representations

The Australian Competition and Consumer Commission has started proceedings in the Federal Court, claiming that iSelect made false or misleading representations in relation to its energy plan comparison service. The ACCC alleges that since at least November 2016, iSelect has…

If someone asks for payment with a gift card, they are a fraudster

A caller claiming to be from the Australian Taxation Office says a warrant is about to be issued to have you charged for unpaid tax. They say you can deal with it by paying an on-the-spot fine, which must e…

Record fine strikes a blow against property spruiking

The Federal Court has fined property spruiker We Buy Homes and its director a massive $18 million for making false and misleading representations – the highest penalties ever imposed for contraventions of the Australian Consumer Law. A $12 million penalty…