Energy Updates: Customer Hardship.

Energy Updates: Customer Hardship.

AU Energy Compliance
This morning we ran a webinar on Customer Hardship. A recording of the webinar is available to our clients via the Compliance HUB. If you are not already a Compliance HUB client please get in touch. Photo by Patrick Tomasso on Unsplash Customer hardship - Electricity costs disproportionately affecting low-income households. Over the past 10 years, the average electricity bill has gone up by 44 percent (adjusted for inflation) (ACCC preliminary report). Over the same period, real wages have only increased by 6 percent (ABS). "There are some people who think the more loyal you are, the more you'll get looked after, the lower price you get. "I'm afraid the reverse is true "The more loyal you are, very likely the more you're paying.“- Rod Sims, ACCC. View the webinar here: https://zoom.us/recording/play/vgkPU-IiipzoYo2NkGWsWk4v9mxiYKFMVvIPYSOLGAhHVfTGf_ViogBlYIRyjI1g 
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ASIC oversight of the Australian Financial Complaints Authority (AFCA): Consultation Open

ASIC oversight of the Australian Financial Complaints Authority (AFCA): Consultation Open

Financial Services
ASIC oversight of the Australian Financial Complaints Authority (AFCA): Consultation Open - On March 5 the Australian Securities & Investments Commission (ASIC) released a draft updated Regulatory Guide 139, Oversight of AFCA (updated RG139) for public consultation (see http://download.asic.gov.au/regulatory-resources/find-a-document/consultation-papers/cp-298-oversight-of-the-australian-financial-complaints-authority-update-to-rg-139/). Photo by rawpixel.com on Unsplash By Dr Drew Donnelly, Compliance Quarter.  In this update, we set out the key elements proposed to be included in the Regulatory Guide (the Guide) in connection with the establishment of the Australian Financial Complaints Authority (AFCA). ASIC invites submissions on the draft Guide by 6 April 2018. Background We last discussed the establishment of AFCA last year (https://www.compliancequarter.com.au/changes-australian-financial-complaints-authority/). Since then the legislation establishing AFCA has passed through the Commonwealth Parliament, becoming law on 14 February 2018. AFCA will be the new dispute resolution body for the financial sector.…
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