Customer Owned Banking Association closes in on authorization for code of practice update
( May 27, 2022, 06:17 GMT | Official Statement) -- MLex Summary: Australia's Customer Owned Banking Association, as well as any of its future members, are one step closer to being allowed to update a code of practice to govern the association and promote it. In a draft determination published today, the Australian Competition & Consumer Commission said it planned to grant authorization to the industry group for five years and had granted interim authorization while it finalized its decision, due in June or July. The provisions of the code include commitments to not require customers experiencing financial difficulty to access their Australian pension fund to meet their loan obligations. The ACCC said the code of practice was likely to result in public benefits by improving the accessibility and affordability of banking services, enhancing protection for customers and guarantors and enhancing competition within the banking sector.An excerpt from the Australian Competition & Consumer Commission's authorization register follows; The ACCC's draft determination is attached. ...
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