INDEPENDENT REGULATORY COMMISSIONS – AUSTRALIA

Insurers admit avoiding cover for risky areas

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Original article by Alice Uribe
The Australian Financial Review – Page: 23 : 23-Jan-18

The Australian Competition & Consumer Commission is investigating the level of competition within the general insurance sector in northern Australia, along with premium increases in that part of the country. The ACCC is due to make its final report to the Treasurer by late 2020. Insurance companies have conceded that they avoid covering some properties in the region, which is prone to cyclones, but have denied suggestions that they have engaged in "premium price-gouging".

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF FINANCE, QBE INSURANCE GROUP LIMITED – ASX QBE, INSURANCE COUNCIL OF AUSTRALIA LIMITED, INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, SUNCORP GROUP LIMITED – ASX SUN

NBN compo for 60,000 homes

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Original article by Supratim Adhikari
The Australian – Page: 15 : 21-Dec-17

TPG Telecom has agreed to compensate nearly 8,000 customers whose NBN internet access speeds did not match those advertised by the telco. Australian Competition & Consumer Commission chairman Rod Sims says the limitations of fibre-to-the-node (FTTN) technology means that many customers were unlikely to get the speeds that had been advertised. Telstra and Optus had previously agreed to compensate customers using FTTN, and the ACCC expects that other telcos will do so as well.

CORPORATES
TPG TELECOM LIMITED – ASX TPM, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, EXETEL PTY LTD

CBA ignored warnings on systems: regulator

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Original article by James Frost
The Australian Financial Review – Page: 19 : 18-Dec-17

The Commonwealth Bank of Australia has now been accused of 14 contraventions of section 82 of the Anti-Money Laundering and Counter-Terrorism Financing Act. AUSTRAC advised the CBA on 14 December that it is adding six more alleged contraventions to its charges against the bank. AUSTRAC has also stated that the CBA had plenty of opportunities in recent years to improve its counter-terrorism funding and anti-money laundering procedures.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Rivals uneasy at merger of Foxtel, Sports

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Original article by Max Mason
The Australian Financial Review – Page: 29 : 11-Dec-17

Scott Lorson, the CEO of pay-TV company Fetch, says the Australian Competition & Consumer Commission should have released a statement of issues before advising that it will not oppose the proposed merger between Foxtel and Fox Sports. Other pay-TV providers and telcos have also expressed concern about approval of the deal, which the ACCC concluded would not result in a substantial lessening of competition.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, FETCHTV PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FOXTEL NOW, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, VODAFONE HUTCHISON AUSTRALIA PTY LTD, TPG TELECOM LIMITED – ASX TPM, IINET LIMITED, DODO INTERNET PTY LTD, IPRIMUS, STAN ENTERTAINMENT PTY LTD, FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, ENGLISH PREMIER LEAGUE

ACCC to investigate advertising secrets of Google and Facebook

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Original article by Darren Davidson
The Australian – Page: 17 & 28 : 5-Dec-17

Australian Competition & Consumer Commission chairman Rod Sims is confident that it has sufficient powers to investigate the market power of digital platforms such as Google and Facebook. He says the ACCC’s inquiry into the impact of digital platforms on competition in media and advertising markets is likely to take around 18 months, with the Federal Government to receive a preliminary report on its findings within 12 months. Sims adds that the ACCC will seek input from all parties affected by the growing market dominance of digital players.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, WPP PLC, GROUPM COMMUNICATIONS PTY LTD

Google, Facebook face ACCC inquiry

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Original article by Darren Davidson
The Australian – Page: 24 & 26 : 4-Dec-17

The Australian Competition & Consumer Commission will hold an inquiry into the impact of digital platforms such as Google and Facebook on competition in the media and advertising sectors. The inquiry has been ordered by the Federal Government as part of its deal with former senator Nick Xenophon regarding media reforms. The inquiry’s terms of reference include examining digital platforms’ market power and their impact on the level of choice and quality of news and journalistic content. The ACCC’s final report is slated to be completed within 18 months.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NICK XENOPHON TEAM, AUSTRALIA. DEPT OF THE TREASURY, NEWS CORPORATION – ASX NWS, BUZZFEED INCORPORATED, MASHABLE INCORPORATED, ZIFF-DAVIS INTERNATIONAL MEDIA GROUP

CET might not reduce power bills, says Sims

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Original article by Ben Potter
The Australian Financial Review – Page: 7 : 17-Oct-17

The Australian Competition & Commission has released the interim report of its inquiry into electricity prices. The report concludes that electricity network costs were the main cause of a sharp rise in electricity prices over the last decade. Meanwhile, ACCC chairman Rod Sims says that although a Clean Energy Target could potentially contribute to downward pressure on wholesale electricity prices, this might be offset by the impact of renewable energy target subsidies on electricity prices for consumers.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, JACOBS GROUP (AUSTRALIA) PTY LTD, AUSTRALIA. OFFICE OF THE CHIEF SCIENTIST, FRONTIER ECONOMICS PTY LTD

Online advance makes mergers unclear: Sims

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Original article by Max Mason
The Australian Financial Review – Page: 29 : 9-Oct-17

The Federal Government’s cross-media ownership reforms are expected to be endorsed by the lower house in coming weeks, after being passed by the Senate in September. The reforms are tipped to prompt consolidation in the sector, but Australian Competition & Consumer chairman Rod Sims says "closeness of competition" will be a key factor in deciding whether to approve deals. He notes that while media diversity has increased with the growth of online news, there is now more overlap between traditional media such as TV and newspapers, which both have an online presence.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN BROADCASTING CORPORATION, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, OOH!MEDIA LIMITED – ASX OML, APN OUTDOOR GROUP LIMITED – ASX APO, PRIME MEDIA GROUP LIMITED – ASX PRT, WIN CORPORATION PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION

Taxpayers cop up to $400,000 Hadgkiss bill

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Original article by Ewin Hannan
The Weekend Australian – Page: 5 : 30-Sep-17

Former Australian Building & Construction Commission head Nigel Hadgkiss has been found by the Federal Court to have breached the Fair Work Act by the Federal Court. He has been directed to pay a penalty of $A8,500 for the breach, with the sum to be paid to the Construction, Forestry Mining & Energy Union. Dave Noonan from the CFMEU said it would give the money to a refuge that helps women escaping domestic violence. Employment Minister Michaelia Cash said taxpayers would be footing Hadgkiss’s legal bill for the case. The amount is expected to be between $A300,000 and $A400,000.

CORPORATES
AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION

Competition probe shakes ‘four pillars’

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Original article by Richard Gluyas
The Australian – Page: 19 & 22 : 20-Sep-17

Australian Competition & Consumer Commission chairman Rod Sims says it has a "neutral" position on the issue of mergers between the nation’s four major banks. However, the ACCC has used its submission to the Productivity Commission’s inquiry into competition in the financial system to urge it to examine the impact of the so-called "four pillars" policy. The ACCC has also asked the inquiry to consider whether the four pillars policy should be expanded to include smaller banks.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. PRODUCTIVITY COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA