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
Australian banks continue to back growth and innovation across the farming sector with agribusiness lending now at record levels, exceeding $131 billion for the first time. The Australian Banking Association is highlighting the banking sector’s ongoing support for Aussie farmers this National Agriculture Day. Lending to agribusinesses has skyrocketed over the last year, rising 9.4 per cent in… Read more »
The ABA welcomes the introduction into the Parliament of critical scam fighting legislation to better protect Australians. ABA CEO Anna Bligh said the Federal Government’s proposed Scams Prevention Framework is the best way forward to prevent, detect, report, disrupt and respond to scams. “This is an important step forward in our ongoing work to scam-proof… Read more »
Banks stand ready to support Far West NSW communities hit by recent storms and ongoing power outages. ABA CEO Anna Bligh acknowledged that many households and businesses in the Far West were still feeling the effect of this severe weather event. “My message to customers in these communities, is please reach out to your bank… Read more »