Banking Archives - Page 8 of 14 - Consumers' Federation of Australia

4 March , 2020

Banks must be fair, reasonable and ethical in all circumstances

The Banking Code Compliance Committee (BCCC) has published a Guidance Note on clause 10 of the 2019 Banking Code of Practice (the Code). Clause 10 of the Code requires a Code subscribing bank to engage with customers in a fair, reasonable and ethical manner. Clause 10 is one of the Code’s most important obligations and should be embedded within…

4 March , 2020

Consumer advocates comment on draft legislation that responds to over a quarter of Banking Royal Commission recommendations

Consumer Credit Legal Service (WA), CHOICE, Consumer Action Law Centre, Financial Counselling Australia, Financial Rights Legal Centre and Super Consumers Australia have published policy submissions that respond to 22 of the Royal Commission’s 76 recommendations. After the shocking scandals of the Royal Commission, consumer groups are supportive of the Treasurer Josh Frydenberg’s efforts to enact…

2 March , 2020

Revised version of the Banking Code in effect from 1 March 2020

On 17 December 2019, the Australian Banking Association announced a revised version of the Banking Code would take effect from 1 March 2020. The changes to the Code address recommendations from the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The changes include: ceasing default interest on…

26 February , 2020

ASIC releases update on its enforcement and regulatory work

ASIC has released an update on its work in the six-month period from September 2019 to February 2020, including its response to the referrals and recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). It follows previous updates on ASIC’s response to the Royal Commission’s recommendations…

6 February , 2020

Consumer advocates welcome Act implementing three key Banking Royal Commission recommendations

Today the Government passed the first omnibus bill in the wake of the Banking Royal Commission, which consumer advocates say will help address long-standing problems with unfair insurance contracts, funeral expenses policies and mortgage broking. The Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures) Act 2019 will address recommendations 4.7, 1.2 and 4.2…

10 December , 2019

ASIC’s overhaul of responsible lending guidance should focus lenders on the welfare of borrowers

Consumer Action Law Centre (Consumer Action) and Financial Rights Legal Centre (Financial Rights) say ASIC’s overhaul of its responsible lending guidance is a welcome announcement in the wake of the devastating consumer harm exposed during the Banking Royal Commission. Too many lenders, including banks, finance companies, payday lenders, and consumer lease providers have not effectively complied with legal obligations to ensure they do not provide borrowers with unsuitable loans. ASIC’s updated responsible lending guidance make existing laws clearer, easier to enforce and will help to hold…

9 December , 2019

Subscribers to the Customer Owned Banking Code of Practice need to focus on improved customer service delivery

The Customer Owned Banking Code Compliance Committee (the Committee) is pleased to release its Annual Report 2018-19. The Annual Report demonstrates how subscribers to the Customer Owned Banking Code of Practice (the Code) have met their compliance obligations, managed Code breaches and responded to customer complaints throughout the year. It provides an overview of the Committee’s work during…

5 December , 2019

Reports lead to concern about banks’ breach reporting as they transition to the 2019 Code

Two key reports released on Friday by the Banking Code Compliance Committee (BCCC) contain important findings for the industry, including: Significant concerns about the reporting of breaches under the 2013 Code of Banking Practice during 2018-19. Banks will need to continue ongoing efforts in order to meet the BCCC’s expectations and the higher standards of…

1 November , 2019

$185 million in compensation awarded to consumers in AFCA’s first 12 months

Australians in dispute with their bank, insurance provider, super fund, or other financial firms have lodged 73,000 complaints with the financial sector’s new ombudsman and have been awarded $185 million in compensation, in the first 12 months of its operation. The Australian Financial Complaints Authority (AFCA) is today celebrating 12 months since it opened its…

15 October , 2019

ACCC commences pricing transparency inquiry for home loans

The Federal Government has directed the ACCC to immediately commence an inquiry into home loan pricing. The ACCC is to investigate a wide range of issues ranging from the rates paid by new vs existing customers, how the cost of financing for banks has affected bank decisions on interest rates, and why RBA cuts aren’t always…

20 September , 2019

New Banking Code Compliance Committee open for business

The new Banking Code Compliance Committee (BCCC) will monitor banks’ compliance with the 2019 Banking Code of Practice (the Code). The BCCC will work with banks and stakeholders to ensure that the high standards of service and other promises made to customers through the Code are embedded and adhered to by the 19 banking groups that subscribe…

19 August , 2019

CHOICE responds to Treasurer’s Royal Commission road map announcement

“Stand strong against industry pressure” is the message from CHOICE CEO Alan Kirkland following Federal Treasurer Josh Frydenberg’s announcement this morning about how the government will implement the Banking Royal Commission recommendations. “Today the Treasurer has outlined how the government will make sure that banks, insurers and mortgage brokers act fairly and provide services that…