Banking Archives - Page 2 of 14 - Consumers' Federation of Australia

2 August , 2024

ACCC Issues Draft Determination on Collaboration in Cash-in-transit Industry

The ACCC has issued a draft determination proposing to grant authorisation with conditions to the Australian Banking Association (ABA), its member banks, and other industry participants to facilitate business continuity planning in the cash in transit industry. The ACCC’s draft determination also proposes to allow the parties to implement business continuity measures in the event of, or…

26 June , 2024

Advocates Welcome Sanctioning of Westpac for Branch Closure

Financial Counselling Australia welcomes the sanctioning of Westpac for breaching the Banking Code of Practice when it closed its branch in Tennant Creek. The branch was suddenly shut in September 2022 leaving some customers with no access to money. “It was a complete mess and done with no consultation. Some people were unable to buy…

29 May , 2024

Bank Industry to Continue Cash Transit Collaboration

The ACCC has granted authorisation with conditions to the Australian Banking Association (ABA), the Customer Owned Banking Association, banks, retailers and other industry participants to allow them to continue developing responses to support the distribution of cash across Australia. This follows concerns expressed by the major supplier of cash-in-transit services in Australia, Armaguard, that the…

24 May , 2024

Albanese Government to Introduce Mandatory Anti-Scam Industry Codes

The industry codes will start with banks, telcos, social media, digital messaging and search advertising services, and will require these groups to have measures in place to prevent, detect, disrupt, respond and report scams.

This will be complemented by strong regulator enforcement action, penalties for non?compliance, and victim compensation where wrongdoing occurs.

8 May , 2024

Customer Owned Banks Urged to Continue Improving Reporting Practices

A rise in reported breaches of the industry Code of Practice indicates better reporting from customer-owned banking institutions but also a sign of the need for improvements in reporting and remediation. The Annual Data Report from the Customer Owned Banking Code Compliance Committee (COBCCC), which covers the 2022-23 reporting period, shows that the number of customer…

8 February , 2024

Supermarkets, airlines and power companies are charging ‘exploitative’ prices despite reaping record profits

A lack of transparent pricing information caused a poor understanding by consumers of how prices were set. This was significantly worsened by a lack of competition. While market concentration was a major issue, the inquiry found prices in Australia are way higher than in many other less competitive markets.

Large price increases occurred across many sectors.

2 February , 2024

ASIC Releases Summary for Indigenous Financial Services Framework Workshop

ASIC has published a summary document from a 30 November 2023 virtual workshop which focussed on building an understanding of identification verification challenges faced by First Nations consumers, and how industry can apply flexible approaches while meeting legislative requirements.

9 January , 2024

Ombudsman Warns of “Unsustainable” Increase as AFCA sees a Record 100,000 Complaints

“The volume of complaints escalated to AFCA has been increasing at an unsustainable rate,” David Locke, the Chief Ombudsman and Chief Executive Officer of the Australian Financial Complaints Authority (AFCA), said.

“Scam-related complaints to AFCA have nearly doubled between 2022 and 2023. They continue to be of great concern to us. We are also seeing the impact of increased interest rates and cost of living pressures, with complaints involving financial hardship also significantly higher,” Mr Locke said.

12 December , 2023

ABA Updates and Broadens Accessibility Framework

Every Australian deserves equitable access to banking services. That’s why the Australian Banking Association (ABA) has broadened the scope of its accessibility framework to ensure the banking sector remains inclusive in a fast-changing digital landscape.
An important addition to the Accessibility and Inclusion Principles for Banking Services is a section on embedding accessibility into digital authentication processes, as the banking industry steps up its fight against scams, fraud and identiy theft.

17 November , 2023

ABA Consults ASIC on Proposed Banking Code Changes

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…

27 October , 2023

AFCA Publishes 2022-2023 Annual Review, Updates AFCA Datacube

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.

17 October , 2023

Consumer representative opportunity: Australian Banking Association (ABA) Consumer Outcome Group

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.