Banks Archives - Page 3 of 4 - Consumers' Federation of Australia

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.

8 December , 2023

C is for Collaboration – Day 2 of Consumers International Global Congress

Today the Congress was abuzz with passionate consumer advocates, experts and regulators taking a deep dive into everything from scams and AI to greenwashing and digital wallets. But at the heart of so many discussions today was the value of and the critical need to collaborate. It was recognised that collaboration both within and across borders is needed to help raise the voices on key issues impacting consumers and to learn from one another. Below are some of the highlights from Day 2!

8 December , 2023

ACCC Authorises Industry Collaboration for Sustainable Access to Cash

“The ACCC will closely assess any proposed response, and in particular the extent to which it secures ongoing access to cash in remote and regional areas where bank branches are limited and members of the public often access cash through non-bank sources including Australia Post and retailers,” ACCC Acting Chair Catriona Lowe said.

“A key condition of this interim authorisation is that the ABA report on their discussions to maintain access to cash in regional and remote areas. This will be an important consideration for any future application for authorisation by the industry.”

6 December , 2023

Have Your Say on the Scams Mandatory Industry Code Survey

New mandatory industry codes are being developed by the Australian Government to outline the responsibilities of the private sector in relation to scam activity, with a focus on banks, digital communications platforms, and telecommunications providers. A short survey is also available for members of the public who wish to participate in the consultation process and provide information about their experience with scams, rather than provide a written submission.

You can read the Consultation Paper and how to make submissions here. Submissions are due by 29 January 2024.

1 December , 2023

Mandatory Code for Scams Promising But More Regulation Needed

The mandatory Code for Scams consultation paper announced by the Federal Treasury today sets out some proposals to tackle the scams crisis, however the final regulation must land on clearer stipulated standards and consumers’ rights to reimbursement of scams losses from banks if standards are not met.

“Mandatory and enforceable codes are a step forward, but consumers must be able to seek reimbursement easily, and there needs to be clarity on the high standard expected of banks and their liability,”

24 November , 2023

Banking Industry Announces First Big Step in Addressing Scams

Original media release by CALC (24/11/2023). Consumer Action Law Centre has welcomed the scams safe accord announced by the Australian Banking Association (ABA) and Customer Owned Banking Association (COBA) which has involved, for the first time, member banks joining forces and agreeing on key steps to enhance scams protections for Australian banking customers. “We are…

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…

23 October , 2023

Australian Financial Complaints Authority Latest ‘Systemic Issues Insights Report’

The Australian Financial Complaints Authority (AFCA) has recently published (19/10/2023) its latest ‘Systemic Issues Insights Report’, covering the second half of the 2022 to 2023 financial year. During that time AFCA received 81 reports, 55 of which were related to systemic matters.

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.

29 September , 2023

Major Improvements Highlighted in BCCC Annual Report

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.

26 September , 2023

NAB’s Conduct Ruled Unconscionable – Maximum $2.1 Million Penalty Applied

“If systems have let customers down, we expect all financial institutions, especially our banks, to act quickly to reduce consumer harm,”

22 September , 2023

Improvements for Consumers But Concerns Linger Over Reporting Practices

The Customer Owned Banking Code Compliance Committee (COBCCC) has recently released its Annual Report for 2022-23 (available here). There was positive news in terms of the preparedness of customer-owned banks to adopt the new 2022 Customer Owned Banking Code of Practice (the Code) which has been characterised as clearer and stronger in its commitments, especially…