News & Current Affairs |
NSW Emergency Services Levy Insurance Monitor

Professor Allan Fels to reveal scale of loyalty tax in Australia

MEDIA ALERT: Professor Allan Fels to reveal scale of loyalty tax in Australia

WHEN: 10am, 26 June 2019

WHERE: Office of the NSW Emergency Services Levy Insurance Monitor, Level 18, 1 Margaret Street, Sydney

 

Professor Allan Fels will announce regulatory actions being taken to curb 'loyalty taxes' payments being paid by unsuspecting Australian consumers. He will also reveal the massive scale of these ‘loyalty taxes’ across a host of products and financial services Australia-wide.


This comes on the eve of changes to rules by brought in by Professor Fels in his role as NSW regulator requiring insurers to include the price of the previous year’s policy along with the new premium price for all home insurance renewals from 1 July.


Last year, Professor Fels published a study which revealed NSW insurance consumers who renew a home and contents insurance policy with their existing insurer pay on average 27 per cent more than new policyholders. The 1 July changes give savvy consumers the information they need to shop around or question their insurer to save on premiums and beat the so-called ‘loyalty tax’.


At the press conference Professor Fels will reveal damning figures that expose the stunning scale of the ‘loyalty tax’ problem at a national level across a wide range of financial services and products.


Professor Fels will expose the practices used by a host of Australia’s biggest corporate names to gouge unwary customers.

 

Media: John Kelly 0407 071 703


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