ATM competition – what about some?
The Government and RBA have taken action on access to ATMs in remote Indigenous communities, but issues still remain around competition and transparency.
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Payment systems
CCMC Update: Chargebacks and direct debit reviews
The CCMC recently completed an inquiry into compliance with clause 20 of the Code, dealing with Chargebacks.
Read More CCMC Update: Chargebacks and direct debit reviews
Qantas takes $100m extra in surcharges – CHOICE
CHOICE estimates Qantas collects at least $204 million in payment surcharges yearly.
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ASIC releases first six-monthly enforcement report
ASIC logo
The report outlines categories of gatekeepers against whom ASIC has taken action including financial advisers, responsible entities, credit licensees, market participants, directors, company officers, insolvency practitioners and auditors. It includes detailed statistics over a six month period.
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30,283 financial service disputes at FOS in 2010/11, up 27%
FOS latest Annual Review has been released, with summaries in English and other community languages. Also published online are Comparative Tables showing disputes about individual financial service providers.
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Would ATM style EFTPOS fees deliver a more efficient payment system?
The banking industry has recently announced that retailers will be charged (or charged more than in the past) when their customers choose to use EFTPOS rather than cash or a credit card. Media reports have suggested that this may lead to some retailers sur-charging consumers for using EFTPOS. The EFTPOS consortium (mainly banks) argue the…
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New electronic payments code released
ASIC has released the new ePayments Code which provides a best practice consumer protection regime for electronic payment products. PayPal Australia welcomed the new ePayments Code and has agreed to sign up to the revised code by the end of the transition period which is 20 March 2013. ASIC expects it to be joined by…
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