30,283 financial service disputes at FOS in 2010/11, up 27%

FOS latest Annual Review has been released, with summaries in English and other community languages. Also published online are Comparative Tables showing disputes about individual financial service providers.

By | December 12th, 2011|Banking, Credit, Debt, EDR, Insurance, Investment, Payment systems|0 Comments

Basic bank accounts visible and in place, but not always reaching those in need

A review suggests banks that subscribe to the Code of Banking Practice have strong policies and good procedures in relation to basic bank products, nevertheless some eligible customers are not taking up the products.

By | December 1st, 2011|Banking, News, Shorts|0 Comments

Banking Code Compliance Monitoring Committee Update, November 2011

The Code Compliance Monitoring Committee has released its 2010-2011 Annual Report. Highlights noted in the Annual Report include an increase in self reported breaches but a decrease in serious breaches and reviews of bank compliance with IDR obligations.

By | November 30th, 2011|Banking, News|0 Comments

Would ATM style EFTPOS fees deliver a more efficient payment system?

The banking industry has recently announced that retailers will  be charged (or charged more than in the past) when their customers choose to use EFTPOS rather than cash or a credit card. Media reports have suggested that this may lead to some retailers sur-charging consumers for using EFTPOS. The EFTPOS consortium (mainly banks) argue the [...]

By | October 5th, 2011|Banking, Opinion, Payment systems|0 Comments

Bank switching at last?

The Sydney Morning Herald is reporting that the government will announce simple bank switching process on Sunday. That would be a very welcome development.  CFA and  members including Choice have been advocating for easier ways to switch banks for some time. The current system introduced by industry under pressure from the banks in 2009 makes [...]

By | August 21st, 2011|Banking, Credit, Debt, News|0 Comments