Original media release ASIC (17/11/2023). Today ASIC opened its consultation on the Australian Banking Association’s (ABA) proposed changes to its Banking Code of Practice (the Code). The Code contains a set of contractually enforceable standards that customers and small business can expect subscribing banks to uphold. The ABA plans to apply for ASIC approval of…
Read More ABA Consults ASIC on Proposed Banking Code Changes
From 1 July 2022 to 30 June 2023, AFCA received 96,987 complaints from consumers and small businesses – 34% more than the year before, and the most ever received by AFCA.
Read More AFCA Publishes 2022-2023 Annual Review, Updates AFCA Datacube
The ABA Consumer Outcomes Group is a joint bank and consumer representative forum for discussing and responding to existing and emerging issues to improve consumer outcomes in retail banking.
Read More Consumer representative opportunity: Australian Banking Association (ABA) Consumer Outcome Group
Despite some continued questions from the Banking Code Compliance Committee (BCCC) and consumer groups about the lack of reported breaches, an article on the matter can be found here, the latest BCCC Annual Report does showcase some major improvements that BCCC has made over the last financial year.
Read More Major Improvements Highlighted in BCCC Annual Report
The Banking Code Compliance Committee (BCCC) is working with the Australian Banking Association (ABA) to coordinate with 12 of its members to ensure banking services offered through Bank@Post comply with the Banking Code of Practice.
Bank@Post arrangements provide a valuable face-to-face service, particularly as banks close branches, especially in regional and remote areas.
The BCCC wants to ensure, as a priority, that important consumer protections have been implemented for the services banks offer through Bank@Post.
Read More Banking Code Compliance Committee Prioritises Bank@Post’s Compliance with the Code
The Better Banking for Indigenous Consumers Project reviewed target market determinations (TMDs) for both high-fee and low-fee ‘basic’ accounts offered by some of Australia’s major and regional banks. ASIC issued notices to those banks requiring data on fees charged to consumers in locations with higher-than-average proportions of Indigenous people and for customers in receipt of AbStudy payments.
The review found that many Indigenous consumers identified in the data were in high fee accounts paying high fees, despite being eligible for a low-fee ‘basic’ account.
Read More ASIC Acts to Ensure Better Banking Outcomes for Indigenous Consumers
The Federal Parliament has passed the Treasury Laws Amendment (Financial Services Compensation Scheme of Last Resort) Bill 2023 to establish an industry-funded compensation scheme of last resort for victims of financial misconduct. Quotes attributable to Alan Kirkland, Chief Executive Officer of CHOICE: “The introduction of a compensation scheme of last resort is an historic moment…
Read More “Historic moment for consumer financial protection”: CHOICE on the passage of compensation scheme of last resort
Fraudsters are impersonating banks over SMS and phone calls, creating elaborate scams that are difficult to spot
Vulnerabilities in SMS and phone networks currently allow the scams to flourish, but experts say a new registry will help close these loopholes
In the meantime, consumers are urged to watch out for messages and calls from their bank urgently asking them to transfer money
Read More SMS and Bank Impersonation Fraud – What you need to know to avoid being scammed
Australia’s four major banks are failing their customers by taking a ‘variable and…less mature’ approach to scams than expected, with ‘inconsistent and narrow approaches to determining liability’ as well as gaps in how they detect and stop scam payments, according to Report 761 today from the Australian Securities and Investment Commission (ASIC).
Read More ASIC Report says Australian Banks are Failing Customers
The trend towards digital and cashless banking is already negatively impacting many vulnerable Australians as COTA (Council on the Ageing) highlighted in their recent media release, as seen below: The closure of cash services at bank branches risks cutting off access to vital and basic banking services for many older Australians, particularly our most vulnerable,…
Read More COTA: Don’t lock vulnerable Australians out of banking
Media release from Australian Prudential Regulation Authority (APRA), originally released here on 4/04/2023 The Australian Prudential Regulation Authority (APRA) is launching a public consultation on its “points of presence” data – the data APRA collects and publishes on physical banking service channels in Australia. APRA publishes a detailed listing of the number of bank branches,…
Read More APRA Launches Public Consultation on Banks’ ‘Points of Presence’ Data
he ACCC will investigate how banks set interest rates for savers, including differences in interest rate increases between bank deposits and home loans after the Federal Government directed the ACCC to commence an inquiry into Australia’s retail deposit market. “We welcome this direction from the Government to shine a light on the retail deposit market…
Read More ACCC launches inquiry into deposit interest rates