22 November 2020
This industry common approach:
- outlines a clear set of guidelines for when the banks may consider that a DMF, when representing a bank customer, is not acting in the customer’s interests and banks may approach a customer directly;
- provides clarity and consistency in how member banks may deal with DMFs, recognising the importance of preserving a customer’s right to engage them, while trying to protect customers where firms may not be acting in their interest, and
- describes an approach that is consistent with competition law obligations, the Code and other regulatory guidance such as the ASIC/ACCC Debt Collection Guideline (DCG)/RG 271 and the banks’ general responsibilities to their customers.
Latest news
With the AFL and NRL finals about to kick off and demand for tickets set to surge, the Australian Banking Association is warning footy fans to be on the lookout for scammers. The ABA is issuing this warning during Scams Awareness Week and as tickets for the AFL finals go on sale from today. … Read more »
The Australian Banking Association (ABA) has welcomed today’s announcement from the Federal Government to bring forward the start of the Home Guarantee Scheme. Under the Guarantee, eligible first home buyers are able to purchase a home with a smaller deposit and avoid paying lenders’ mortgage insurance. ABA CEO Simon Birmingham said it made sense to… Read more »
This Scams Awareness Week, banks are urging Australians to remain alert to emerging scam threats, from criminals using AI to replicate the voice of people you trust through to deepfake videos of celebrities endorsing investment opportunities. AI scams to be on the lookout for: ABA CEO Simon Birmingham said the ever-increasing use of AI… Read more »