Federal Treasurer Wayne Swan approved four measures to tackle barriers to switching banks at Friday’s meeting with financial regulators, reports The Australian Financial Review.
Under the approved account switching services, banks will be forced to give customers a list of their direct debit and credit arrangements if they wish to switch to another bank. In addition, the bank that customers switch to will be compelled to re-establish the debit and credit arrangements.
Furthermore, a wider review of entry, exit and early termination fees will be conducted by ASIC.
As part of Swan’s measures, a single consumer complaints hotline will be established as well as an internet education campaign to offer consumers advice on switching banks.
According to the daily, the Australian Bankers Association has agreed to the measures as well as the proposed November deadline; it will also provide quarterly updates on the switching services.
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