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
Chris O’Keefe When it comes to cash, 424 bank branches have closed, or 11% of Australia’s overall branches. This included 122 branches in regional and remote areas plus a further 718 ATMs were shut down or removed during the same period. So they make it hard for us to use cash, both businesses and banks,… Read more »
Jenny Marchant Your biggest cost is probably your rent or your mortgage, and they’re probably also the bills you’ll move heaven and earth to pay if you have to, because we all need somewhere to live. But the number of mortgage holders struggling with payments is increasing. If you find yourself in that position in… Read more »
Banks are continuing to play their part to protect Australians from scams, as the industry welcomes a new report showing scam losses fell by 13 per cent last year. The Australian Banking Association acknowledges the release today of the 2023 Targeting Scams Report by the National Anti-Scam Centre. Whilst there was an 18.5 per… Read more »