The ACCC proposes to grant authorisation to the Customer Owned Banking Association, and current and future members, to implement certain provisions of the Customer Owned Banking Code of Practice for five years.
The ACCC considers the code of practice is likely to result in public benefits by improving the accessibility and affordability of banking services, enhancing protection for customers and guarantors and enhancing competition within the banking sector.
The ACCC considers that there are unlikely to be public detriments.
The ACCC has also granted interim authorisation to enable COBA to make arrangements to finalise and promote the code of practice prior to the ACCC making its final determination.
Further information about the ACCC’s interim authorisation and draft determination is available on the ACCC public register at: Customer Owned Banking Association.