10 May 2019
The ACCC’s draft Rules provide a good foundation for the implementation of open banking, however there are a number of areas that have not been addressed in the draft Rules or which require further guidance.
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The ABA welcomes further clarity on the capital treatment for guarantees under the Scheme. A clear understanding of the capital treatment is critical for an ADI’s mortgage product development and consequential approval under the scheme.
The ABA welcomes any assistance to help first homebuyers to own their own home and supports the Government’s commitment to deliver the First Home Loan Deposit Scheme. Further, the ABA welcomes APRA’s letter to industry clarifying the capital treatment of the guarantee.
The ABA fully supports the removal of the exemption for funeral expenses policies from the defintion of financial products.
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New 2019 Banking Code of Practice
The new Banking Code is a set of enforceable standards that customers, small businesses, and their guarantors can expect from Australian banks.