Banking - Consumers' Federation of Australia

16 December , 2020

“Nothing more than marketing schemes”: CHOICE on ASIC’s review of school marketing programs

Corporate regulator slams banks’ school marketing schemes as CHOICE calls on State and Territory Education Ministers to ditch Dollarmites. This is a CHOICE Media Release “CHOICE welcomes ASIC’s comprehensive review into school banking programs. This is the first time ever in over a century that these school-based marketing schemes have been reviewed,” says CHOICE CEO…

11 December , 2020

Consumer groups comment on Banking Royal Commission reforms

Consumer groups welcome yesterday’s passage of Royal Commission recommendations into law, but condemn the government for introducing the law to axe safe lending laws into the House. This is a joint media release by CHOICE, Consumer Action, Financial Counselling Australia and Financial Rights Legal Centre. “This week the government has proposed to slightly strengthen and…

2 December , 2020

Customer Owned Banking Code Compliance Committee releases Annual Report for 2019-20

The independent committee that monitors the Customer Owned Banking Code of Practice (the Code) has released its annual report for a year marked by natural disasters and the COVID-19 pandemic, along with extensive regulatory changes stemming from the Financial Services Royal Commission. This is a Customer Owned Banking Code Compliance Committee Media Release Customer owned…

24 November , 2020

122 organisations join together to oppose Government’s plan to axe safe lending laws

The Consumers’ Federation of Australia has joined organisations and prominent individuals nation-wide in an open letter calling for Senators to block the weakening of safe lending laws. The following is a CHOICE media release. Axing safe lending laws will be bad for people, bad for the economy and directly contradict the first recommendation of the…

9 November , 2020

Consumer Representative Opportunity – Banking Code Compliance Committee

About the opportunity The Banking Code Compliance Committee (BCCC) is an independent body that monitors banks compliance with the Banking Code of Practice, helping banks create a better banking experience for customers. The BCCC’s work is supported by a dedicated team of staff at the Australian Financial Complaints Authority (AFCA) that provide Code monitoring and…

28 October , 2020

Consumer Representative Opportunity – Banking Code Compliance Committee

About the opportunity The Banking Code Compliance Committee (BCCC) is an independent body that monitors banks compliance with the Banking Code of Practice, helping banks create a better banking experience for customers. The BCCC’s work is supported by a dedicated team of staff at the Australian Financial Complaints Authority (AFCA) that provide Code monitoring and…

25 September , 2020

Consumer groups slam move to remove responsible lending laws

Removing credit protections will cause harm to people and the economy CHOICE, Consumer Action Law Centre, Financial Counselling Australia and Financial Rights Legal Centre have responded to the Government’s announcement that it will remove credit protections for borrowers saying right now what people need is more income, not more debt. Government’s proposed reforms will remove bank responsibility…

1 September , 2020

Banking Code monitoring body calls for further improvements in breach reporting

In a report released on Monday, the Banking Code Compliance Committee (BCCC) has urged banks to improve their breach reporting to the BCCC. The report summarises banks’ self-reported breach data for the six months that followed their adoption of a revised Banking Code of Practice on 1 July 2019. The report outlines that banks have…

10 July , 2020

BCCC launches vulnerability, inclusivity and accessibility Inquiry

On 6 July 2020, the Banking Code Compliance Committee (BCCC) launched an Inquiry into Code-subscribing banks’ compliance with Part 4 of the Banking Code of Practice (the Code). The obligations under Part 4 of the Code are key consumer protections for disadvantaged customers and are particularly relevant as the community faces heightened challenges due to…

8 July , 2020

Banks Announcement of Further Assistance for Customers a Timely Relief: Consumer Groups

Today’s announcement by the banking industry of further assistance to help customers experiencing financial hardship will provide some important relief to those who continue to be impacted by COVID-19. CHOICE, Financial Rights Legal Centre, Consumer Action Law Centre and Financial Counselling Australia are at the forefront of helping people impacted by COVID-19, particularly people doing…

1 July , 2020

Consumer Data Right goes live for data sharing

Consumers can now choose to share their banking data to access more personalised financial products and services following the launch of the Consumer Data Right today. All four major banks are capable of sharing their customers’ data, when requested by the customer. Other authorised deposit-taking institutions will join the Consumer Data Right over the coming…

1 June , 2020

Culture, Leadership and Governance – the crucial elements of ‘Living the Code’ for insurers

Insurers must focus on creating an ethical, consumer-focused culture that is championed by the Board and underpinned by robust governance and business practices if they are to improve their compliance with the General Insurance Code of Practice, according to a report published today by the General Insurance Code Governance Committee. Living the Code: Embedding Code…