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“If systems have let customers down, we expect all financial institutions, especially our banks, to act quickly to reduce consumer harm,”
Read More NAB’s Conduct Ruled Unconscionable – Maximum $2.1 Million Penalty Applied
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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…
Read More Improvements for Consumers But Concerns Linger Over Reporting Practices
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The Australian Competition and Consumer Commission (ACCC) has decided not to grant merger authorisation for ANZ Banking Group (ASX:ANZ) to acquire Suncorp Group’s (ASX:SUN) banking arm.
“We are not satisfied that the acquisition is not likely to substantially lessen competition in the supply of home loans nationally, small to medium enterprise banking in Queensland, and agribusiness banking in Queensland,” ACCC Deputy Chair Mick Keogh said.
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The Banking Code Compliance Committee (BCCC) is working with the Australian Banking Association (ABA) to coordinate with 12 of its members to ensure banking services offered through Bank@Post comply with the Banking Code of Practice.
Bank@Post arrangements provide a valuable face-to-face service, particularly as banks close branches, especially in regional and remote areas.
The BCCC wants to ensure, as a priority, that important consumer protections have been implemented for the services banks offer through Bank@Post.
Read More Banking Code Compliance Committee Prioritises Bank@Post’s Compliance with the Code
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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.
Read More ASIC Acts to Ensure Better Banking Outcomes for Indigenous Consumers
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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…
Read More “Historic moment for consumer financial protection”: CHOICE on the passage of compensation scheme of last resort
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A report from the Customer Owned Banking Code Compliance Committee (COBCCC) has highlighted the importance of Code subscribers seeking clarity about the new Code’s requirements, mitigating human error through training and continuously evaluating compliance frameworks.
Read More Transition Challenges and Opportunities Revealed in Latest COBCCC Report
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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
Read More SMS and Bank Impersonation Fraud – What you need to know to avoid being scammed
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Despite this slight decrease in resolutions and the facilitation of other outcomes (such as correcting the status of an account), AFCA also so over $28 million more go to consumers then in the previous financial year
Read More AFCA Publishes Second Systemic Issues Insights Report
The Customer Owned Banking Code Compliance Committee (COBCCC) has warned customer owned banking institutions to improve reporting following the release of its 2021-22 Annual Data Report.
Read More Customer-Owned Banks Urged to Improve Reporting
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).
Read More ASIC Report says Australian Banks are Failing Customers
