Retirement
Investor favourites set for inside-out reform
Following the banking royal commission, the ACCC yesterday announced interim authorisation to allow the Australian Banking Association to take steps to change its Banking Code of Practice.
Investor favourites set for inside-out reform
Following the banking royal commission, the ACCC yesterday announced interim authorisation to allow the Australian Banking Association to take steps to change its Banking Code of Practice.
The interim authorisation allows member banks to agree not to charge default interest on loans secured under agricultural land if a drought or natural disaster is declared in the area.
ACCC chair Rod Sims believes it’s an important first step towards the banking sector aligning with the Hayne royal commission.
“We’re allowing the banks to start making important changes following the Hayne royal commission, and for them to start taking steps to ensure they are prepared ahead of a new banking code coming into effect next year,” said Mr Sims.
It also allows member banks to agree not to charge dishonour fees or overdrawn fees or allow informal overdrafts on basic bank accounts.
Interim authorisation removes the risk that the ABA and its member banks would breach competition laws by agreeing to make and implement these changes to the banking code.
Interim authorisation commences immediately and remains in place unless it is revoked by the ACCC or when the ACCC completes its assessment of the application for authorisation.
The ACCC will consider any submissions and possible changes the ABA proposes in response to these issues before deciding whether to grant interim authorisation for the basic banking proposals.
The ACCC expects to issue a draft determination on the ABA’s authorisation application in September of this year.
About the author
About the author
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more