Banking - Consumers' Federation of Australia

6 February , 2020

Consumer advocates welcome Act implementing three key Banking Royal Commission recommendations

Today the Government passed the first omnibus bill in the wake of the Banking Royal Commission, which consumer advocates say will help address long-standing problems with unfair insurance contracts, funeral expenses policies and mortgage broking. The Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures) Act 2019 will address recommendations 4.7, 1.2 and 4.2…

10 December , 2019

ASIC’s overhaul of responsible lending guidance should focus lenders on the welfare of borrowers

Consumer Action Law Centre (Consumer Action) and Financial Rights Legal Centre (Financial Rights) say ASIC’s overhaul of its responsible lending guidance is a welcome announcement in the wake of the devastating consumer harm exposed during the Banking Royal Commission. Too many lenders, including banks, finance companies, payday lenders, and consumer lease providers have not effectively complied with legal obligations to ensure they do not provide borrowers with unsuitable loans. ASIC’s updated responsible lending guidance make existing laws clearer, easier to enforce and will help to hold…

9 December , 2019

Subscribers to the Customer Owned Banking Code of Practice need to focus on improved customer service delivery

The Customer Owned Banking Code Compliance Committee (the Committee) is pleased to release its Annual Report 2018-19. The Annual Report demonstrates how subscribers to the Customer Owned Banking Code of Practice (the Code) have met their compliance obligations, managed Code breaches and responded to customer complaints throughout the year. It provides an overview of the Committee’s work during…

5 December , 2019

Reports lead to concern about banks’ breach reporting as they transition to the 2019 Code

Two key reports released on Friday by the Banking Code Compliance Committee (BCCC) contain important findings for the industry, including: Significant concerns about the reporting of breaches under the 2013 Code of Banking Practice during 2018-19. Banks will need to continue ongoing efforts in order to meet the BCCC’s expectations and the higher standards of…

20 November , 2019

Consumer Representative Opportunity: Customer Owned Banking Code Compliance Committee

The Customer Owned Banking Code Compliance Committee (the COBCCC) seeks a consumer representative to serve for a term of three years beginning in March 2020. The COBCCC is an independent compliance monitoring body established under Section 4 of the Customer Owned Banking Code Compliance Committee Charter and Part E of the Code, under the authority of the Board of…

1 November , 2019

$185 million in compensation awarded to consumers in AFCA’s first 12 months

Australians in dispute with their bank, insurance provider, super fund, or other financial firms have lodged 73,000 complaints with the financial sector’s new ombudsman and have been awarded $185 million in compensation, in the first 12 months of its operation. The Australian Financial Complaints Authority (AFCA) is today celebrating 12 months since it opened its…

15 October , 2019

ACCC commences pricing transparency inquiry for home loans

The Federal Government has directed the ACCC to immediately commence an inquiry into home loan pricing. The ACCC is to investigate a wide range of issues ranging from the rates paid by new vs existing customers, how the cost of financing for banks has affected bank decisions on interest rates, and why RBA cuts aren’t always…

20 September , 2019

New Banking Code Compliance Committee open for business

The new Banking Code Compliance Committee (BCCC) will monitor banks’ compliance with the 2019 Banking Code of Practice (the Code). The BCCC will work with banks and stakeholders to ensure that the high standards of service and other promises made to customers through the Code are embedded and adhered to by the 19 banking groups that subscribe…

19 August , 2019

CHOICE responds to Treasurer’s Royal Commission road map announcement

“Stand strong against industry pressure” is the message from CHOICE CEO Alan Kirkland following Federal Treasurer Josh Frydenberg’s announcement this morning about how the government will implement the Banking Royal Commission recommendations. “Today the Treasurer has outlined how the government will make sure that banks, insurers and mortgage brokers act fairly and provide services that…

17 July , 2019

Small Business and Agribusiness Advisory Panel: Request for Expressions of Interest

The Banking Code Compliance Committee (BCCC) commenced on 1 July 2019 with the primary purpose of monitoring banks’ compliance with the 2019 Banking Code of Practice. An important part of the BCCC’s role is to ensure that banks uphold the promises they make to their small business and agribusiness customers. To assist it fulfill its role, the…

3 July , 2019

New Banking Code Compliance Committee open for business

From 1 July 2019, the new Banking Code Compliance Committee (BCCC) will monitor banks’ compliance with the 2019 Banking Code of Practice (the Code). The BCCC will work with banks and stakeholders to ensure that the high standards of service and other promises made to customers through the Code are embedded and adhered to by the 19…

17 June , 2019

Unconscionable conduct: Divided High Court confirms need for change to the law

In its response to the High Court finding that a ‘book-up’ credit scheme operated in the remote Aboriginal community of Mintabie in the South Australian APY lands was not unconscionable, Consumer Action Law Centre (Consumer Action) says that Australia needs an economy-wide prohibition on unfair trading. “Unconscionable conduct is a complex legal term, and it…