CHOICE says interest rate response will be a true test of competition in Australian banking as the big four banks have the capacity to pass on this week’s RBA interest rate cut in full.
Read More Memo to the big four banks – pass it on
The Financial Ombudsman Service is seeking two consumer representatives for the monitoring committees for the Codes of Banking Practices and the General Insurance Code of Practice.
Read More Consumer representative positions: Banking & Insurance Code Compliance Monitoring Committees
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ASIC and the Territory Insurance Office (TIO) have launched a joint Indigenous financial literacy strategy involving audio posters with messages about ATM fees in 12 Aboriginal languages.
Read More ASIC and TIO launch Indigenous audio posters
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The report outlines categories of gatekeepers against whom ASIC has taken action including financial advisers, responsible entities, credit licensees, market participants, directors, company officers, insolvency practitioners and auditors. It includes detailed statistics over a six month period.
Read More ASIC releases first six-monthly enforcement report
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ASIC today announced it has accepted a court enforceable undertaking (EU) from Commonwealth Bank of Australia (CBA) following concerns that a message sent to its internet banking customers was misleading.
Read More ASIC raises concerns about CBA credit limit increase invitations
On the morning of Sunday 19 February, the CHOICE campaigns team took to Sydney’s central business district armed with the Move Your Money wheelbarrow, piles of ‘fake money’ and a ringing bell
Read More CHOICE Move Your Money campaign launches
CHOICE launches ‘Move Your Money’, a new campaign aimed at helping thousands of Australians look beyond the ‘big four’ banks to save money and drive competition.
Read More Campaign calls on consumers to switch and save
CHOICE says comments are softening up ahead of interest rate decisions.
Read More Consumers deserve transparency not spin from banks
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.
Read More 30,283 financial service disputes at FOS in 2010/11, up 27%
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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.
Read More Basic bank accounts visible and in place, but not always reaching those in need
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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.
Read More Banking Code Compliance Monitoring Committee Update, November 2011
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…
Read More Would ATM style EFTPOS fees deliver a more efficient payment system?
