Banking - Consumers' Federation of Australia

8 August , 2022

New report from Blind Citizens Australia on access to banking

Australians who are blind or vision impaired face significant barriers and issues when accessing banking and financial institutions and products in Australia, primarily resulting in complete inaccessibility to these institutions and products. This post is taken from a report by Blind Citizens Australia. It was originally published on 15th July, 2022. In a new report, Blind Citizens…

8 July , 2022

Natalie Cameron named Lead Ombudsman, Banking and Finance

The Australian Financial Complaints Authority (AFCA) has announced the appointment of Natalie Cameron as its new Lead Ombudsman for Banking and Finance. This is a media release from the Australian Financial Complaints Authority (AFCA). It was originally published on 6th July, 2022. Natalie was appointed after an extensive executive recruitment process and moves into the position from her…

28 June , 2022

Is your insurance company watching you online and is it legal?

New research by Dr Zofia Bednarz has found insurers, using new AI and other models, may be able to collect your online data, and apart from anti-discrimination laws, there are no effective constraints on them using that data to price contracts. This is a media release from The University of Sydney: News & opinion. It was originally published…

28 June , 2022

Report backs greater support for vulnerable customers

Customer-owned banking institutions may need to step up support for consumers experiencing vulnerability as pressures on people increase and ahead of the introduction of more stringent obligations under a new Code of Practice, a new Report says. This is a media release from Customer Owned Banking Code Compliance Committee. It was originally published on 23rd June, 2022. While saying many…

16 June , 2022

New vulnerable consumers standard ensures everyone gets a fair deal

Have you ever tried switching bank accounts online, only to end up feeling confused by the technology? Any situation in which an individual may be unable to engage fully or effectively in a market is considered consumer vulnerability read more here and watch the video. Protecting the most vulnerable people in society falls not just to government but…

14 June , 2022

Consumer awareness growing around carbon credentials

A CHOICE survey reveals that consumers notice carbon claims and they sometimes influence purchase decisions. But how reliable are they? Need to know New data shows consumers are increasingly taking note of businesses’ carbon credentials But uncertainty remains for some people around whether to trust carbon neutral claims Significant numbers of consumers are factoring carbon…

10 June , 2022

Standard for responding to vulnerability

The new ISO Standard ISO 22458 Consumer vulnerability – Requirements and guidelines for the design and delivery of inclusive service was developed by the international committee ISO/PC 311 Vulnerable consumers. This was written by Alistair Tegart, Former Engagement Manager at Standards Australia and published by SOCAP. Standards Australia’s committee CS-311 Vulnerable consumers worked on Australian input to the…

1 April , 2022

Customer Owned Banking Code Compliance Committee releases Annual Data Report

The independent committee that monitors the Customer Owned Banking Code of Practice (the Code) has released its Annual Data Report. Drawn from breach and complaints data and from detailed discussions with all Code subscribers, the report includes insights, recommendations and examples of good practice. This is a media release from the Customer Owned Banking Code Compliance Committee (COBCCC).…

20 December , 2021

Banks’ support for customers experiencing vulnerability a work in progress

The Banking Code Compliance Committee (BCCC) today released a report into how banks provide inclusive and accessible banking services and support customers experiencing vulnerability. This is a media release from the Banking Code Compliance Committee (BCCC). It was originally published on 20th December, 2021. The BCCC’s Inquiry found that: banks have invested significant resources to support customers experiencing vulnerability…

22 November , 2021

BCCC launches deceased estates Inquiry

The Banking Code Compliance Committee’s (BCCC) Inquiry into Code-subscribing banks’ compliance with Chapter 45 of the Banking Code of Practice (the Code) is one of its current major monitoring activities. The obligations under Chapter 45 of the Code are key consumer protections for the representatives and next of kin of deceased customers. This is a media release from the Banking…

22 November , 2021

Australian Banking Association Consumer Outcomes Group: expression of interest for consumer representative role

The ABA consumer outcomes group (COG) is a joint bank and consumer representative forum for discussing and responding to existing and emerging issues to improve consumer outcomes in retail banking. There are seven ABA member banks involved, and seven consumer representatives. The group meets formally on a quarterly basis and there are additional monthly meetings…

9 November , 2021

Banking Code Committee publishes 2020-21 Annual Report

The Banking Code Compliance Committee (BCCC) Annual Report for 2020-21 highlights concerns about banks’ compliance with their guarantees and direct debits obligations under the Banking Code of Practice (the Code). This is a media release from the Banking Code Compliance Committee (BCCC). It was originally published on 8th November, 2021. The BCCC has also shared good practice guidance to improve industry…