Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Swan approves measures to tackle switching fees

Staff Reporter 1 minute read

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.

Advertisement
Advertisement

Published: 11-02-08

 

Swan approves measures to tackle switching fees
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
mortgage choice 850 Major brokerage appoints new GM of distribution

Mortgage Choice has announced that Citi’s former head of bankin...

ANZ new still ta ANZ extends business loan terms

The major bank has announced that it will extend the maximum loan...

cash money rolls Credit growth stunted by dive in business lending

Credit growth has waned as a result of a sharp drop-off in busine...

FROM THE WEB