The Australian Competition and Consumer Commission (ACCC) will strengthen proposals to improve the country's banking code put forward by the Australian Banking Association (ABA). “We note the ACCC has raised three further conditions which the ABA will consider in more detail following discussions with members,” the ABA said in an emailed statement. In a submission on Tuesday, ACCC chairman Rod Sims said he was "encouraged" that banks had agreed with his proposal for an independent regulator of financial services in Australia. Under the ABA's existing plans, banks would not be required to tell customers if they were eligible for certain basic bank accounts offering no minimum deposits and free unlimited domestic transactions.
The Australian Competition and Consumer Commission (ACCC) will strengthen proposals to improve the country's banking code put forward by the Australian Banking Association (ABA). In a submission on Tuesday, ACCC chairman Rod Sims said he was "encouraged" that banks had agreed with his proposal for an independent regulator of financial services in Australia. Under the ABA's existing plans, banks would not be required to tell customers if they were eligible for certain basic bank accounts offering no minimum deposits and free unlimited domestic transactions.