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.
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.
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.
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 [...]
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 [...]