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ASIC - Releases banking transactions compliance report

Releases banking transactions compliance report

ASIC has released its annual monitoring report on compliance with the Banking, Credit Union and Building Society Codes of Practice and the Electronic Funds Transfer Code.

ASIC says the codes are voluntary but almost all Australian financial institutions have signed up to them, and are bound by their provisions.

The monitoring report revealed a steep increase in the number of transactions covered by the codes, but a low overall incidence of complaints.

Credit union complaints rose from 3.8 per million in the last monitoring period to 5.8 per million, and building society complaints from 1.2 to 1.7 per million transactions.

Banking and credit union disputes were largely related to EFT PIN-based transactions, with most other complaints falling with the categories of fees and charges, account debiting and crediting, and service delivery.

The EFT Code of Conduct covers all forms of electronic funds transfers, including internet, mobile phone and telephone banking, and stored value products such as prepaid telephone cards.

Most credit union, building society and banking complaints dealt with internally were resolved either by mutual agreement or in favour of the customer.

The report, which covers the period from April 2001 to March 2002, is available from www.asic.gov.au.

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