Banking Archives - Page 3 of 14 - Consumers' Federation of Australia

6 July , 2023

ASIC Acts to Ensure Better Banking Outcomes for Indigenous Consumers

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.

27 June , 2023

“Historic moment for consumer financial protection”: CHOICE on the passage of compensation scheme of last resort

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…

7 June , 2023

SMS and Bank Impersonation Fraud – What you need to know to avoid being scammed

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

Image 26 April , 2023

ASIC Report says Australian Banks are Failing Customers

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).

Image 11 April , 2023

COTA: Don’t lock vulnerable Australians out of banking

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,…

Image 6 April , 2023

APRA Launches Public Consultation on Banks’ ‘Points of Presence’ Data

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,…

16 February , 2023

ACCC launches inquiry into deposit interest rates

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…

27 January , 2023

CFA submission cautions against ANZ proposed acquisition of Suncorp Bank

Consumers’ Federation of Australia has made a submission to the ACCC consultation, ANZ proposed acquisition of Suncorp Bank. The CFA considers that the proposed acquisition is likely to substantially lessen competition for retail banking services in Australia. We also consider the likely detriments of the proposed acquisition exceed any likely public benefits. CFA’s submission notes that ANZ’s proposed…

12 January , 2023

Media Release: ANZ-Suncorp merger ‘tipping point’ in eliminating effective competition in banking

The Consumers’ Federation of Australia (the CFA) has labelled the proposed ANZ-Suncorp merger a “tipping point” in eliminating effective competition among Australia’s banks. In a submission to the Australian Competition & Consumer Commission (the ACCC), the CFA says that if the ANZ-Suncorp merger is approved, there will be no limits on further bank mergers resulting…

19 November , 2022

Consumer experiences sought for a new inquiry into guarantees

The Banking Code Compliance Committee (BCCC) wants to hear from people about their experiences acting as a guarantor for a loan, to check whether banks have improved their practices since a BCCC inquiry last year found serious failures. The BCCC monitors banks’ compliance with the Banking Code of Practice, which includes obligations to ensure people…

30 October , 2022

COBCCC Annual Report 2021-22

The Customer Owned Banking Code Compliance Committee (COBCCC) has released its latest Annual Report, reporting on its activities during 2021-22. The report notes that self-reported breaches by customer owned banking institutions for the 2020-21 reporting period decreased 11% on the previous year – the first decrease in six years. More than 568,000 customers were affected…

27 October , 2022

BCCC welcomes ABA response to review of Committee’s work

The Banking Code Compliance Committee (BCCC) has welcomed the Australian Banking Association’s announcement that it has accepted most of the recommendations within its remit of the independent review into the BCCC and its work. “These changes will, ultimately, deliver better outcomes for consumers,” BCCC Chair Ian Govey AM said. “They will improve transparency by holding…