CONSUMER PROTECTION – AUSTRALIA

ASIC takes issue with NAB’s debt collection letters

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Original article by Clancy Yeates
The Australian Financial Review – Page: 17 : 27-Oct-15

Customers of National Australia Bank may have been misled by the bank. The Australian Securities & Investments Commission is concerned that the debt collection letters sent to borrowers contain references to Fairhalsen Collections and Brunswick Collections Services. Borrowers could be under the impression that they had received a warning from independent debt collectors, when in fact these two entities are part of the bank.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, FAIRHALSEN COLLECTIONS, BRUNSWICK COLLECTIONS SERVICES, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Outrage as ACCC rubbishes plans for free range egg standard

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Original article by Esther Han
The Sydney Morning Herald – Page: 13 : 14-Nov-14

Australian Competition & Consumer Commission chairman Rod Sims argues that the nation does not need a standard on what constitutes free-range eggs. John Coward of Australian Egg Farmers warns that Sims’ comments could affect the progress that has been made to date on developing a standard for the industry. Choice also favours a national standard in order to protect consumers

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN EGG FARMERS PTY LTD, AUSTRALIAN CONSUMERS’ ASSOCIATION, FEDERAL COURT OF AUSTRALIA, PIROVIC FAMILY FARMS, NEW SOUTH WALES. DEPT OF COMMERCE. OFFICE OF FAIR TRADING

Great wagyu debate put to the taste test

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Original article by Sue Neales
The Australian – Page: 5 : 23-Oct-14

The Australian Competition & Consumer Commission (ACCC) will conduct an investigation into whether consumers are potentially being misled by the labelling of beef as coming from wagyu cattle. The main issue is whether only full-blood animals should qualify for this descriptor. The Australian Wagyu Association and breeder David Blackmore welcome the move by the ACCC, which has previously looked into claims about free-range eggs and extra virgin olive oil

CORPORATES
BLACKMORE WAGYU BEEF PTY LTD, BLACKMORE GENETICS PTY LTD, AUSTRALIAN WAGYU ASSOCIATION LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Life advice so bad it was illegal: ASIC

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Original article by Andrew Main, Ben Butler
The Australian – Page: 21 : 10-Oct-14

Peter Kell, deputy at the Australian Securities & Investments Commission, says a new survey of the life insurance industry shows that standards are disappointingly low. The advice given to some 37% of consumers on such policies was so deficient that it actually contravened the relevant laws. Kell points out that the new Future of Financial Advice legislation puts the onus on providers to act in the best interests of their clients, and that the sector must act to improve its compliance

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FINANCIAL SERVICES COUNCIL, ASSOCIATION OF FINANCIAL ADVISERS LIMITED, FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED

ACCC chases carbon levies

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Original article by Phillip Coorey, Joanna Heath
The Australian Financial Review – Page: 5 : 30-Jul-14

The Australian Competition & Consumer Commission (ACCC) will crack down on about 120 organisations that fail to recompense consumers following the abolition of the carbon tax. This includes companies such as airlines and waste management groups, as well as local councils. They had generally increased prices when the tax was introduced, and the ACCC is concerned that they may try to avoid passing on savings to consumers now that tax has been scrapped

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, QANTAS AIRWAYS LIMITED – ASX QAN, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, AUSTRALIAN LANDFILL OWNERS ASSOCIATION LIMITED, VEOLIA ENVIRONMENTAL SERVICES (AUSTRALIA) PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE ENVIRONMENT