Banking Archives - Consumers' Federation of Australia

22 January , 2026

Karen Cox Appointed as Consumer Representative to COBCCC

The Customer Owned Banking Code Compliance Committee (COBCCC) has welcomed the appointment of Ms Karen Cox as its new Consumer Representative, bringing decades of consumer advocacy experience and deep expertise in banking reform to the Committee’s oversight of the Customer Owned Banking Code of Practice. Ms Cox has been appointed by the Consumers’ Federation of…

17 December , 2025

Consumer Representative Opportunity: Australian Banking Association Consumer Outcomes Group

The Consumers’ Federation of Australia (CFA) is inviting suitable applicants to apply for the role of consumer representative on the Australian Banking Association Consumer Outcomes Group. The Consumer Outcomes Group is a joint bank and consumer representative forum for discussing and responding to existing and emerging issues to improve consumer outcomes in retail banking. The COG…

17 September , 2025

ANZ Admits to Unconscionable Conduct

Financial Counselling Australia (FCA) welcomes the announcement that ANZ has admitted to widespread misconduct and has agreed to pay $240 million in penalties. ANZ has admitted to unconscionable conduct, overstating bond trading data by tens of billions, and widespread misconduct affecting nearly 65,000 customers. The matters will now be considered by the Federal Court which…

29 August , 2025

Scam Reports Down and Monetary Losses Up from 2024

Australians reported more than 108,000 scams and financial losses of about $175 million to the National Anti-Scam Centre’s Scamwatch service in the first half of 2025, with fake websites, online advertisements, and contact through social media criminals’ preferred methods of reaching people. This Scams Awareness Week (25-29 August), the National Anti-Scam Centre is joining together…

30 April , 2025

National Anti-Scam Centre warns that criminal ‘account compromised’ scams are on the rise

The National Anti-Scam Centre has seen a significant rise in financial criminals targeting Australians in phishing scams that scare people to believe that their bank accounts or cryptocurrency wallets have been hacked or compromised. These scams use a sense of urgency and fear to make people act quickly and use phrases such as ‘account compromised’,…

13 March , 2025

AFCA empowered to investigate all banks involved in a scam

Assistant Treasurer, Stephen Jones has announced strengthened pathways for victims to seek compensation where wrongdoing has occurred. A Ministerial Direction announced yesterday, will empower the Australian Financial Complaints Authority (AFCA) to investigate every bank involved in the scam, both the sending and receiving bank. Consumer Action Law Centre CEO Stephanie Tonkin thanked the Assistant Treasurer for his…

16 December , 2024

Win for Consumers and Advocates as ASIC Sues HSBC Australia, Alleges “widespread and systemic” failings

HSBC Bank Australia Limited (HSBC Australia) failed to adequately protect customers scammed out of millions of dollars, according to documents filed by ASIC in the Federal Court today. ASIC alleges HSBC Australia failed to have adequate controls in place to prevent and detect unauthorised payments and failed to comply with its obligations to investigate customer…

3 December , 2024

Banking Code Compliance Committee 2025-26 Priorities Consultation

The Banking Code Compliance Committee (BCCC) is developing their priorities for 2025-26 and is inviting interested parties to complete a short survey to share “new or emerging risks, issues or practices that you believe are concerns and causing harm to consumers or leading to poor outcomes”. The survey is open from 2/12/2024 to 7/02/2025 and survey…

13 September , 2024

Collaboration to Support Cash-in-Transit Services Given Interim Authorisation

The ACCC has granted authorisation to allow the Australian Banking Association (ABA), its member banks, Australia Post, retailers, supermarkets and other industry participants to collaborate so they can ensure there is continuity of cash-in-transit services.The ACCC’s authorisation allows the parties to collaborate and prepare for any suspension or disruption of cash-in-transit services.“It is important that…

4 September , 2024

BCCC Releases 2023-2024 Annual Report, Deceased Estates a Focus of Investigation

From the Chair of the Banking Code Compliance Committee: This year we issued three sanctions to three banks for serious and systemic breaches of the Code [relating to deceased estates]. This action underscores our commitment to hold banks accountable for the promises they make under the Code and to respond firmly where we find serious…

29 August , 2024

ASIC Report Reveals “shameful neglect” of Banks to Customers

A new report published today from the Australian Securities and Investments Commission (ASIC) reveals a “shameful neglect of thousands of banking customers who have been scammed through no fault of their own and collectively lost millions of dollars”, says Consumer Action Law Centre CEO, Stephanie Tonkin. The report, Anti-scam practices of banks outside the four major…

6 August , 2024

Advocates Continue Call for Reimbursement Policy as Scam Complaints to AFCA go ‘off the charts’

The Australian Financial Complaints Authority (AFCA) received a record number of complaints in 2023-24 after disputes to the ombudsman service increased 9 per cent to more than 105,000 for the year. Complaints about scams, online and personal transaction accounts, credit cards, and personal loans all saw significant increases. Consumer Action Law Centre CEO Stephanie Tonkin…